SUBJECT:
Title
Request Approval of Florida Housing Finance Corporation Local Government of Opportunity Funding Form and Marion County Community Services Preliminary Loan Commitment Agreement for Construction Financing Letter for Madison Oaks West II, LLC (Budget Impact - Neutral; not to exceed $460,000)
Body
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INITIATOR: |
DEPARTMENT: |
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Cheryl Butler, Director |
Community Services |
DESCRIPTION/BACKGROUND:
Marion County Community Services issued a Request for Applications in response to the Florida Housing Finance Corporation's (FHFC) Request for Applications (RFA) 2026-201. Two proposals were received for consideration: Forest Springs and Madison Oaks West II. Under FHFC guidelines, the County may designate only one project for Local Government Area of Opportunity (LGAO) preference and commit a local contribution of up to $460,000 in State Housing Initiatives Partnership (SHIP) funding to strengthen the selected application's competitiveness.
Both proposals were independently reviewed by Neighborhood Lending Partners (NLP) at no cost to the County. NLP determined that both developments are financially feasible, well-sponsored, and capable of successfully moving forward with experienced development teams.
Following its review, Community Services and Neighborhood Lending Partners jointly recommend Madison Oaks West II for the County's LGAO designation. While both developments are strong and worthy projects, Madison Oaks West II is more shovel ready and offers the greatest opportunity for near-term success because it:
• Is permit ready and can begin construction quickly if awarded tax credits.
• Received prior Board support in 2025 during the previous FHFC funding cycle, which provides additional competitive scoring under the current FHFC application process.
Approval of this item will:
• Designate Madison Oaks West II as Marion County's LGAO project for FHFC RFA 2026-201.
• Authorize issuance of the Verification of Contribution Loan Form and Preliminary Loan Commitment Agreement.
• Commit up to $460,000 in FY 2026-27 SHIP funds as local match, contingent upon FHFC awarding housing tax credits.
If awarded by FHFC, construction of Madison Oaks West II is anticipated to begin in 2027.
BUDGET/IMPACT:
Neutral; not to exceed $460,000.
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman and the Clerk to execute the Florida Housing Finance Corporation LGAO Funding form and Marion County Community Services Preliminary Loan Commitment Agreement for construction financing letter for Madison Oaks Phase II.
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