Two new 3-bedroom homes on Delaware Avenue are for sale at cost, $217,000 each, to buyers earning up to 120% of area median income. Open house Friday, Nov. 6.
The City of Fort Myers is selling two newly built homes on Delaware Avenue for $217,000 each. They are priced at what the city spent to build them, with no developer markup. Buyers must earn no more than 120% of the area’s median income.
The city said in its Oct. 30 announcement that it is now taking applications. An open house runs 10:30 a.m. to 1 p.m. Friday, Nov. 6, so buyers can tour the homes.
The two homes
Both are at ZIP code 33916 and share the same plan, according to the city’s flyers for 1786 Delaware Ave. (PDF) and 1780 Delaware Ave. (PDF):
| 1786 Delaware Ave. | 1780 Delaware Ave. | |
|---|---|---|
| Price | $217,000 | $217,000 |
| Bedrooms and baths | 3 bed, 2 bath | 3 bed, 2 bath |
| Living space | 1,583 square feet | 1,583 square feet |
| Garage | Attached, one car | Attached, one car |
The flyers list:
- an open-plan living area
- a kitchen with granite countertops, stainless steel appliances, a center island and a pantry
- impact-rated windows and exterior doors
- a primary suite with its own bathroom and a walk-in closet
- a covered front entry, a rear lanai and a landscaped front yard
For comparison, the typical home value in Fort Myers was $304,566 in September, according to the Zillow Home Value Index (Zillow Research). That figure is a smoothed estimate for homes in the middle of the market, not a sale price.
Who can buy
The rules are on the city’s Affordable Home Construction Program page and in its program guidelines (PDF). Applicants must:
- earn up to 120% of the median income for the Fort Myers and Cape Coral region
- complete the city’s pre-approval process
- qualify for a mortgage for the full price, less any down payment, and get an unconditional loan commitment or qualification letter from a lender
- not own a home now, and live in the new home as their primary residence
People who already live inside the city limits get priority over applicants from outside. They must show proof, such as a driver’s license, a lease or a utility bill. The guidelines say homes go to approved applicants on a first-come, first-served basis. If there are more qualified applicants than homes, the city keeps a waiting list.
The conditions that come with it
The guidelines set limits that buyers should know before applying:
- Ten years before resale. Buyers cannot sell the home until they have owned it for 10 years.
- Hardship sales. If a buyer must sell sooner, the city has first right to buy it back at the original price, adjusted for the home’s condition. Whether it does is the city’s decision.
- No other city help. Buyers cannot also use city down payment or closing cost assistance. Other government, bank or private programs are allowed if they do not conflict with the city’s rules.
Where the program stands
The city started the program to build homes on vacant infill lots and sell them at cost. Money from each sale pays for the next home, the guidelines say. The program page sets a goal of 50 homes over five years. It says five homes have sold and four more are in the works.
The page also lists lenders with programs aimed at buyers like these:
- Neighborhood Assistance Corporation of America (NACA)
- FineMark Bank & Trust
- Regions Bank
- Suncoast Credit Union
What it means for you
If you rent in Fort Myers and your household income is within the limit, this is a new three-bedroom home for about $88,000 less than the city’s typical home value. Talk to a lender first, because you need a loan commitment before the city can sell you a home.
- See the homes: open house, 10:30 a.m. to 1 p.m. Friday, Nov. 6.
- Ask about eligibility: the city’s housing office, 239-321-7968.
- Read the rules: the program guidelines (PDF).
For what homes are selling for nearby, see our weekly real estate transfers. For the tax bill that comes with owning a home in the city, see our property taxes guide.
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