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Lee County approves $20M CDBG‑DR loan to build 288 affordable units at Reserve at Eastwood
Summary
The board approved loan documents using $20 million in CDBG‑DR funds for the Reserve at Eastwood, an $86 million development in Fort Myers that will create 288 affordable units subject to a 30‑year affordability period.
Lee County commissioners approved loan documents April 7 that will commit $20 million in Community Development Block Grant Disaster Recovery (CDBG‑DR) funds to the Reserve at Eastwood, a proposed affordable multi‑family development in Fort Myers.
Nicole Turner, who presented the item, said the financing package would help create 288 affordable residential units with a 30‑year affordability period and that the total project cost is $86 million. The loan is structured as CDBG‑DR support to the project developers; Turner answered brief procedural questions from commissioners before the board moved and approved the item.
A member of the public spoke in favor of increased affordable housing and thanked the board. The board approved the loan documents without further amendment. Staff will proceed with loan closing steps and contract execution under the county’s CDBG‑DR program requirements.
The county emphasized the project’s role in expanding affordable housing supply in Fort Myers; staff noted compliance with the CDBG‑DR program’s timelines and statutory conditions.
