Submitted By: James Haynes
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Presentation By: James Haynes
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Department: Community Development Services
STAFF RECOMMENDATION (Motion Ready):
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Approve the City's letter of support for the Florida Housing Corporation's Request for Applications (RFA) process for competitive 9 percent tax credits
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OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place.
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The Housing Credit (HC) program provides for-profit and nonprofit organizations with a dollar-for-dollar reduction in federal tax liability in exchange for providing equity financing for the rehabilitation or new construction of affordable rental housing units.
Affordable housing need is assessed based on the current statewide market study, and funds are distributed annually to meet the need and demand of targeted housing groups, including low to moderate income individuals and families, the homeless, elderly, and persons with special needs.
To receive the maximum points allowed in the application process, projects are to have a Letter of Support from their local government and a local financial contribution of at least $460,000. A City or local government may only provide a Letter of Support to one (1) project per year.
The City has provided a letter of support for the Madison Oaks East Project for the past four years.
FINDINGS AND CONCLUSIONS:
On March 26, 2025, the Madison Oaks East Project and the Magnolia Terrace Projects were presented to the City of Ocala's Affordable Housing Advisory Committee (AHAC). AHAC recommended the Madison Oaks East Project to the City Council for its letter of support by a vote of 3-2 (three AHAC members were absent from the March meeting).
Today, representatives of each project will make a presentation for the Council's consideration. After public and Council comments, staff recommends a vote of City Council to determine which project will receive the City of Ocala's Letter of Support for the RFA process.
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