Community Development Services Director James Haynes discussed the Housing Credit
Program, which provides for profit and nonprofit organizations with dollar for dollar
reduction and federal tax liability in exchange for providing equity financing for the
rehabilitation of the City's new construction of affordable housing rental units. To
receive the maximum points allowed in the application process, projects are required to
have the support of the local government, as well as a local contribution of at least
$460,000. The city or local government may only provide a letter of support to one
project a year; the City has provided such a letter for the Madison Oaks East project for
the last four years. Two applicants - Madison Oaks East and Magnolia Terrace -
presented to the Affordable Housing Advisory Committee on March 26, 2026; the
AHAC committee voted 3-2 with three members absent to recommend the Madison
Oaks East project. Each applicant had ten minutes to make their presentations to
Council.
Stacy Banic, Developer, Madison Oaks East, spoke on federal grant funding received for
affordable housing development projects. He provided a brief overview of Madison Oaks
East, Madison Oaks West, the West Oak Master Plan, and FHFC funding goal. He noted
the AHAC recommends approval of the Madison Oaks East project. He noted they were
successful in completing the building of Madison Oaks West in 2024, following the
receipt of a funding award from Florida Housing in 2022. The proposed development is
in proximity to grocery stores, medical facilities, pharmacies, food services, community
centers, parks and other retail stores, as well as the Lillian Bryant community center and
the Mary Sue Rich community center. He highlighted the amenities to be included with
the 96-unit development, and noted it is intended to be an affordable rental option for
seniors. He reviewed the scoring criteria and explained why he believes Madison Oaks
East is the stronger candidate for the grant funding.
Council Member Bethea expressed concern regarding the lack of senior housing
opportunities in the City of Ocala.
Mr. Banic assured Council the housing project is for seniors only.
Tim Morgan, President, Jones Investment Corporation, discussed the Magnolia Terrace
affordable senior housing project. It is a 55+, 92 unit, four-storey midrise building. They
are able and willing to compete for tax credit opportunities, noting two completed
Florida projects and two current projects in Palatka and Avon Park. He explained they
have made a change to their site plan since the March 26 presentation to AHAC, which
sets aside .75 acres to allow the development of a medical-dental building that would
provide no-cost care to residents of the project as well as surrounding community. He
noted the proximity of the development to local amenities such as a grocery store,
Target, a public bus stop, and urgent care facilities. Marion Senior Services has provided
a letter of support for the project. He noted Freedom Medical will be responsible for
building costs associated with the construction of the proposed medical facility. Jones
Investment Corporation cannot confirm if Marion Senior Services was aware of the other
project proposals before issuing the letter of support.
Director of Community Development Services James Haynes spoke on the competitive
grant application process for the County and City.