Cape Council establishes fee deferral program for workforce housing projects
The city of Cape Coral will give affordable housing projects a fee break.
Cape Coral City Council passed an ordinance Wednesday night that establishes a Multi-Family Impact Fee Deferral program.
City Planning Manager Amy Yearsley provided a brief presentation before the unanimous vote was taken.
She said she came before the council in June 2024 to a budget workshop to bring forth the single-family and multi-family impact fee programs.
A Single-Family Impact Fee Deferral Program was adopted in August 2024.
Wednesday’s meeting brought forth forward the Multi-Family Impact Fee Deferral Program, which is for projects financed by local, state, or federal funding, or through the Live Local Act.
“It’s only applicable to workforce housing projects,” Yearsley said.
The key provisions include 10-year terms, rents subject to FHFC rental limits, minimum development size of 48 units with 40% minimum units set aside with a program ceiling of 250 units.
“Everything is secured by lien, or referral agreement,” she said.