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County approves $20 million CDBG‑DR loan for 378‑unit Wave at China affordable housing project
Summary
Lee County authorized execution of loan documents to provide $20 million in CDBG‑DR funding for the Wave at China, a 378‑unit affordable multifamily development. The loan term is 50 years with a 99‑year affordability period; staff says lending secures affordability and creates a revolving fund for future projects.
The Lee County Board approved execution of loan documents to provide $20,000,000 in CDBG‑DR funds to the Wave at China affordable housing development in Fort Myers.
Staff said the project sits east of I‑75 on Daniels Parkway and will deliver 378 affordable units. The proposed loan term is 50 years, and the affordability covenant will extend 99 years; total…
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