Submitted By: Edwin R. Carreras Rivera
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Presentation By: Aubrey Hale
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Department: Growth Management
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FORMAL TITLE:
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Budget Resolution 2026-174 to amend the Fiscal Year 2025-26 budget to appropriate funding from the Affordable Housing Incentive Fund Reserves to provide an affordable housing development loan for Madison Oaks East, LLC in the amount of $460,000
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OCALA’S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
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PROOF OF PUBLICATION:
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BACKGROUND:
The City established a Housing Incentive Fund under Chapter 106 – Planning, Housing, and Development to encourage new development and rehabilitation of affordable housing by offsetting development charges. The City has supported the Madison Oaks East, LLC, senior-living affordable housing project (Project) since 2019. The loan is subject to the applicant receiving incentives through the Florida Housing Finance Corporation’s (FHFC) 9 percent tax credit affordable housing program.
On June 3, 2025, the Ocala City Council voted to continue its support for the Madison Oaks East project, authorizing a letter of commitment for a $460,000 loan with its approval.
FHFC requires local support for an application to be considered eligible for funding.
On August 18, 2026, City Council voted to adopt Ordinance 2026-27, amending Section 106-105(i) of the City Land Development Regulations to establish terms and procedures for a loan program through the Housing Incentive Fund.
FINDINGS AND CONCLUSIONS:
Since the initial approval of the Project by City Council in 2019, $460,000 has been earmarked from the Housing Incentive Fund Reserve account.
Madison Oaks East, LLC (Developer) was selected by FHFC for the 2025 award year to receive tax credits tied to the development of the Project. The Project will consist of approximately 102 residential dwelling units.
Consistent with Ordinance 2026-27 establishing loan terms and procedures, the City Manager and City Council President sig...
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