SOUTHWEST REGION
$750,000 FCLF loan
Financing for land acquisition and construction
22 units of affordable housing
“The Florida Community Loan Fund team helped get our project off to a great start. Their team communicated well and was solution oriented throughout the underwriting and closing process. We look forward to growing our partnership with FCLF.”– John Raymond, National Development of America, Inc.
In Wauchula, as in many areas of Florida, there is a shortage of available and affordable rental housing. In Hardee County, an estimated 42% of renter households are cost-burdened, meaning they pay more than 35% of income on housing and related expenses.
With financing from Florida Community Loan Fund, National Development of America, Inc. is currently underway to build Wauchula Place to address the need for affordable housing in the area. Wauchula Place will offer 22 garden-style apartments for rent. Each unit will feature Energy Star rated appliances and all first floor units will have an outdoor patio. Additional financing is provided by federal HOME program funds through the State of Florida. The units will be dedicated to low-income households in accordance with the HOME program income requirements.
Since 1974, National Development of America, NDA, has developed a variety of residential, multifamily communities and subdivisions in the Fort Myers area. As well as operating in Florida, NDA has developed affordable housing in several other states.
This project will bring affordable housing to a neighborhood where it is critically needed – in a census tract where 24% of households live below the poverty line, and median income is 77% of AMI (area median income) at around $41,000 annually. Area residents are 61% minority. The neighborhood includes a variety of retail businesses and services which will be within easy access for residents of Wauchula Place.
