Published: Aug 20, 2012 6:39 PM EDT
Updated: Aug 20, 2012 6:45 PM EDT

BONITA SPRINGS, Fla. - A Habitat for Humanity proposal could soon turn an empty cul-de-sac in Bonita Springs into a home for low-income families.

John Shaver has lived off Red Hibiscus for almost a decade.  He says he knew the subdivision was originally developed for low income housing, but hoped it would fall into different hands.

"Our property values have already gone down with the problems with the economy, but now to have it go down more because of that, that's not right for us," said Shaver, "We knew that the property went into foreclosure so we thought, well maybe a good developer will pick it up and it won't be low income housing."

Others say it's time to give new life into this old space.

"I've lived in low-income housing and people have to have a place to live.  It's better than a vacant lot sitting over there," said resident, Kyle Bence.

The 5-acre lot, situated just off I-75, is a cul-de-sac with 26 fully developed single family lots.

"I've had my eye on this for the past couple of years," said Kitty Green with Habitat for Humanity, "Because it would be a wonderful place for Habitat for Humanity families."

Habitat wants to use funds from the Lee County Neighborhood Stabilization Program or NSP to purchase the property at a cost of $260,000.

"The whole idea is neighborhood stabilization and how can we get some of this inventory out of the market, get it back into people actually occupying these facilities," said Lee County Commissioner, Tammy Hall.

The meeting to move this program forward will be held on August 21st at 9:30a.m. at the Old Court House in Downtown Fort Myers and is open to the public.