Submitted By: James Haynes
presenter
Presentation By: James Haynes
end
Department: Community Development Services
FORMAL TITLE:
title
Allocation from the City of Ocala's Affordable Housing Fund to support the proposed Magnolia Terrace multi-family development totaling $84,000
end
OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place
PROOF OF PUBLICATION:
N/A
body
BACKGROUND:
The Magnolia Terrace and the Madison Oaks East affordable housing projects were presented to the City of Ocala's Affordable Housing Advisory Committee (AHAC) on March 26, 2025, for a recommendation to the City Council to support their application for a 9 percent Low Income Housing Tax Credit (LIHTC). The AHAC voted three to two to recommend the Madison Oaks East project to the City Council for local support in the 9 percent tax credit competition (only one project per jurisdiction may be supported for the local support bonus points in the application).
On June 3, 2025, the Magnolia Terrace and the Madison Oaks East affordable housing projects were presented to the City Council. Council voted unanimously to continue the City's support of the Madison Oaks East project for the fifth year.
FINDINGS AND CONCLUSIONS:
On October 2, 2025, the Florida Housing Finance Corporation issued RFA 2025-212 (Housing Credit Financing to Provide Affordable Multifamily Rental Housing That is a Part of Local Revitalization Initiatives). To qualify, the proposed property must be within a local revitalization area, and applicants must state the amount of cash loans, cash grants, and/or equity from local government entities. If the qualifying financial assistance sources are equal to at least 3 percent of the applicant's Eligible Housing Credit Request Amount, the applicant will receive a funding preference.
On September 24, 2025, staff provided updated information to the AHAC concerning the Magnolia Terrace project, including the developer's intent to apply for funding through RFA 2025-212. The develo...
Click here for full text