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Ocala
Thursday, March 28, 2024

Affordable housing developer seeking loan for 90 multi-family, senior units at former Pine Oaks Golf course

An affordable housing developer is seeking a loan from the city of Ocala to help a new 90-unit senior, multi-family development qualify for housing credits from the state of Florida. 

Madison Oaks East, LLC will make the request during the Tuesday, August 3 meeting of the Ocala City Council.

The loan, which would be for $460,000, would help the project qualify for tax credits from the Florida Housing Finance Corporation’s “Housing Credit Financing for Affordable Housing Developments Located in Medium and Small Counties.” 

According to city records, a “Local Government Area of Opportunity” must demonstrate its commitment to construction of affordable housing. 

The city proposes a 10-year term at a 2.0 percent simple interest rate for the loan, which would be funded after the project is awarded tax credits and prior to issuance of a certificate of occupancy. 

The development is billed as “senior, multi-family, affordable housing.” Madison Oaks East anticipates a 12 to 14-month construction schedule, according to city records. 

It would be located at the north end of the former Pine Oaks Golf Course, to the south of NW 35th Street. 

The City entered into a redevelopment agreement with West Oak Developers, LLC for the construction of housing on the former Pine Oaks Golf Course. Madison Oaks East, LLC was contracted by West Oak Developers to construct affordable units at the location. 

The Ocala City Council meets on the first and third Tuesday of every month at 5 p.m. at Ocala City Hall (110 SE Watula Avenue).