ITN_GRM260331_Development_-_Affordable_Housing_-_Lot__2220-005-003_-_Term_Sheet.xlsx

This is a Term Sheet document for an Invitation to Negotiate (ITN# GRM/260331) issued by the City of Ocala, Florida, for the development of affordable housing on Lot # 2220-005-003, a 0.17-acre parcel zoned for single-family residential use in Marion County. The solicitation seeks qualified for-profit and non-profit developers, builders, partnerships, and agencies to construct affordable residential units targeting households earning up to 120% of Area Median Income. The project requires development of either multi-family or single-family units for rent or homeownership with a minimum of 900 square feet of livable area, at least two bedrooms and bathrooms, concrete block construction, architectural shingles, energy-efficient systems, and compliance with specified design guidelines and Florida Building Code standards. Prospective developers must demonstrate a minimum of three years of housing development experience and completion of at least three separate housing projects. The deadline for questions was February 17, 2026, at 5:00 p.m. EST, with proposal submissions due on March 2, 2026, at 2:00 p.m. EST. Evaluation criteria are weighted as: Experience and Capacity of Development Team (20 points), Development Concept and Project Design (30 points), Financing Plan (20 points), and Development Schedule (30 points).

The property will be conveyed via special warranty deed at a nominal purchase price of $7,000, with a $1,000 security deposit applied to the purchase price and fair market value estimated at $34,174. The City offers potential incentives including a Housing Incentive Fund Request up to $20,000 and potential fee waivers or deferrals for building permits and impact fees. Developers must submit detailed financial documentation including two years of federal corporate income tax returns, financial statements, project pro formas, cash flow projections, construction cost estimates, and loan commitment letters. Total development costs must equal or exceed $100,000, with developers required to demonstrate a minimum equity investment of $223,878. Construction must commence within six months of closing and be completed within eighteen months, with a desired minimum affordability period of twenty years for both rental and for-sale units.