Submitted By: Roberto Ellis
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Approve an Affordable Housing Incentive Fund disbursement to Madison Oaks West, LLC for an affordable housing project to be located at the West Oak Development on NW 21st Avenue in an amount not to exceed $210,900
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OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
Madison Oaks West, LLC ("Developer") has applied for Affordable Housing Incentive Funds (AHIF) to support the construction of 96 housing units at the West Oak Development on NW 21st Avenue. All 96 units in the Madison Oaks West development will meet the City's affordable housing requirements outlined in the Land Development Regulations. Features to be provided on the property include a clubhouse, fitness room, and internet caf?. Given the immediate need for this type of housing product, the internal review board has recommended the distribution of housing incentive funds to offset development costs.
FINDINGS AND CONCLUSIONS:
The Developer will make the housing units available for rental to low-income families over a 10-year period. The proposed affordable housing agreement will ensure the developer retains at least 38 units of the 96-unit development for affordable housing. The unit mix will include 24 one-bedrooms, 54 two-bedrooms, and 18 three-bedrooms. Monthly rents will range from $460 to $970 based on the unit. Building permits for the project were conditionally approved and site plans are currently being reviewed. The Developer will construct buildings totaling approximately 91,000 Sq ft. The value of the project is estimated at $13,000,000.
The proposed Madison Oaks West site is situated on the northern portion of the West Oak Development. The project will be assigned an address upon completion and dedication of the road being constructed. This project is expected to be co...
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