SUBJECT:
Title
Request Approval of a Resolution of the Board of County Commissioners of Marion County Approving Plan of Financing Involving the Issuance by the Housing Finance Authority of Marion County of Its Multifamily Mortgage Revenue Bonds - Project Name Forest Springs Apartments (Budget Impact - None)
Body
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INITIATOR: |
DEPARTMENT: |
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Matthew G. Minter, County Attorney |
County Attorney |
DESCRIPTION/BACKGROUND:
The Housing Finance Authority of Marion County (HFAMC) is a separate public body pursuant to Ordinance Number 80-3, enacted by the Board of County Commissioners on June 3, 1980, and Ordinance Number 80-05, enacted by the Board on July 15, 1980, in accordance to Chapter 159, Part IV, Florida Statutes for the purpose of alleviating a shortage of housing available at prices or rentals which many persons and families can afford and shortage of capital for investment in such housing.
The HFAMC's mission is to increase the availability of essential and affordable housing in Marion County. The HFAMC has the ability to secure and provide funding for the development of affordable multi-family housing using Multifamily Mortgage Revenue Bonds (MMRB) through the Florida Housing Finance Corporation for review and approval. Due to the high-interest rates on construction loans, long-term bond financing offers lower interest rates and loan terms, making the bond a cost-saving measure for the developer.
In order to pursue the MMRB, the HFAMC is required by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) to advertise in the local newspaper and hold a public hearing for all interested persons concerning the potential future issuance of tax-exempt bonds for the acquisition, construction, or rehabilitation of affordable housing units. The HFAMC held a TEFRA Hearing on May 21, 2026, at 1:00 p.m., located at Marion County Senior Services, 1101 SW 20th Court, Ocala, FL 34471.
A proposed project, name is “Forest Springs Apartments”, was recommended for the MMRB, which is located off SW 20th Court, Ocala, FL. The MMRB application request is for $17,000,000. This project would consist of approximately 108 multi-family housing units.
This Resolution requires the Chairman and Clerk's signature so the HFAMC can apply for additional allocation on October 1, 2026.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman and Clerk to execute the attached Resolution and all necessary documentation for Approving a Plan of Financing Involving the Issuance by the Housing Finance Authority of Marion County of Its Multifamily Mortgage Revenue Bonds.
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