OCALA, FL (352today.com) – The Ocala City Council voted unanimously on June 3, 2025, to support Madison Oaks East, a proposed 96-unit affordable housing development for seniors, in their application for competitive 9% tax credits from the Florida Housing Corporation.

The 5-0 vote followed presentations from two competing projects, Madison Oaks East and Magnolia Terrace, both seeking the city’s annual letter of support. The council can only provide such backing to one project per year, a key requirement to earn maximum points in the state’s highly competitive application process.

The city has supported Madison Oaks East for the past four years. Located near NW 35th St. and NW 27th Ave., the proposed three-story development would serve residents aged 55 and older, offering 96 affordable units on 5.5 acres in the West Oak development.

“A city or local government may only provide a letter of support to one project per year,” said James Haynes, City of Ocala community services director. He went on to explain that to receive the maximum points, projects need both the letter and a local financial contribution of at least $460,000.

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The city’s Affordable Housing Advisory Committee (AHAC) had previously voted 3-2 in favor of Madison Oaks East, after hearing presentations from developers Stacy Banach and Scott Siemens. Tim Morgan and Danny Wuerffel presented Magnolia Terrace, located near SW 20th Ct. and SW 23rd Ave., across from Senior Services.

Banach, representing American Residential Communities and New South Residential, spoke to the council about Madison Oaks East’s impact and her team’s experience.

“Our development company has secured over $500 million in low-income housing tax credits,” said Banach. “We’re fully committed to bring affordable housing to the City of Ocala.”

The total development cost for Madison Oaks East is estimated at $26.7 million, with construction costs around $18.7 million. The project would remain affordable for at least 50 years if awarded tax credits.

Banach also noted that Madison Oaks West, a nearby family-oriented development by the same team, received funding in 2022 and was completed in 2024.

Magnolia Terrace, presented by Ohio-based Jonesboro Investments, is also a 100% affordable, age-restricted development with 92 proposed units in a four-story mid-rise.

Ultimately, the council’s decision reflects a broader community priority, creating long-term, affordable housing solutions for Ocala’s growing senior population.

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