Ocala council backs Madison Oaks East for state 9% housing tax-credit application

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 team, said the proposal is a 100% affordable, 96‑unit, three‑story building for residents 55 and older on roughly 5.5 acres at the West Oak site. Banick emphasized the project’s previous work in the area (Madison Oaks West), its proximity to community amenities including Mary Sue Rich Community Center and nearby grocery and medical services, and argued the project has stronger odds in Florida Housing’s competitive scoring and lottery process because it qualifies under multiple funding goals.

Tim Morgan, president of Jonesboro Investments Corp. and the Magnolia Terrace applicant, presented Magnolia Terrace as a competing 92‑unit, four‑story senior project. Morgan highlighted his company’s affordable‑housing track record, the project’s location in a designated community revitalization area, proximity to transit and grocery stores, and a proposed reserved parcel for a medical/dental facility that could provide low‑cost care to the neighborhood.

During back‑and‑forth, developers and staff discussed how Florida Housing divides awards into several funding “pots” and how a second year of local government support can make an application eligible for a particular funding goal. Haines and staff clarified the two applicants would be competing for the same pools of state tax‑credit funding this year, and that the county’s support (separate process) would also be considered by Florida Housing.

After presentations and questions from council, a council member moved to approve the letter of support for Madison Oaks East. The motion passed on roll call. Council members voting “Aye” on the record were Mister Hilty, Mister Mansfield, Mister Bethea, Mister Musley and Miss Dreyer.

The council’s letter of support allows Madison Oaks East to submit a stronger Florida Housing application this year; council members noted AHAC’s prior recommendation and the city objective to secure affordable units in the West Oak redevelopment. The council did not commit local funding at the meeting; the action was limited to providing the formal letter of support for the 2025 competitive application.

Staff next steps: the selected applicant will complete Florida Housing’s application with the city’s letter of support and pursue any additional local contributions that might strengthen the application. The county’s AHAC and commission will separately consider their own support during the county’s process.

Speakers listed in council materials and who presented during the item were available for questions during the meeting and are listed in the speaker whitelist below.