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Ocala council backs Madison Oaks East for state 9% housing tax-credit application
Summary
After presentations from two competing developers, the Ocala City Council voted to give a local letter of support to Madison Oaks East, a 96-unit, 55+ affordable rental project at West Oak, following an Affordable Housing Advisory Committee recommendation.
The Ocala City Council voted to provide a letter of support to Madison Oaks East, a proposed 96‑unit, age‑restricted (55+) affordable rental development in the West Oak area, after hearing presentations from both Madison Oaks East developers and the competing Magnolia Terrace team.
City Community Development Director James Haines told the council that Florida Housing Finance Corporation awards extra points to projects that receive a local government letter of support and a local financial contribution; he said a local contribution of at least $460,000 is generally required for maximum points. Haines also told the council the city may submit only one letter of support per year and noted the Affordable Housing Advisory Committee (AHAC) had recommended Madison Oaks East by a 3‑to‑2 vote.
Stacy Banick, representing the Madison Oaks East development…
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