SOUTHWEST REGION
$2.2 Million FCLF financing (2 loans)
Permanent financing
70 units of affordable rental housing
“Blue Sky Communities is thrilled to begin construction on 70 new affordable apartment homes in Charlotte County. This was our first experience working with FCLF and we look forward to expanding this relationship moving forward. FCLF has been great to work with and their ease of execution was as they promised.” – Scott Macdonald, Partner
Charlotte County, located on Florida’s gulf coast, has over 200 miles of shoreline with beautiful beaches. This area of Florida has a colorful history, originally settled by the Calusa native people, then under Spanish and later English rule. Today, like so many areas of Florida, the county has a lack of affordable housing, with only 9 affordable housing projects in the County.
Blue Sky Communities, a developer of affordable and workforce housing, is an advocate for helping nonprofits and local governments reach their affordable housing goals by developing up to date, environmentally sound affordable housing. Founded in 2012, Blue Sky has developed over 2800 housing units around the state, including in Southwest Florida.
With financing from Florida Community Loan Fund, Blue Sky Communities will develop Blue Deep Creek in Punta Gorda, the county seat of Charlotte County, on land that is currently vacant. Phase I of the garden style family rental community will include 70 apartments, available with either 1 or 2 bedrooms. On-site amenities include a clubhouse, fitness center, resident lounge, and co-working space. The project will be built to National Green Building standards. All units at Blue Deep Creek will be affordable to households with incomes at or below 80% of the Area Median Income (AMI), with a portion of units set aside for very low-income households (30% AMI). Phase II will include another 70 units, creating a seamless community consisting of 140 units.
Blue Deep Creek will help address the critical shortage of affordable rental homes for low-income households in the area. With construction that meets National Green Building Standards, ongoing utility and related costs will remain affordable for the families who live here.
FCLF received a Capital Magnet Fund (CMF) award from the Community Development Financial Institutions (CDFI) Fund, which allowed FCLF to offer more favorable terms to Blue Sky Communities to further help the project be successful. Additional financing for the project is provided by private and public sources.
https://blueskycommunities.com/
