Cardinal Oaks Is 80 Affordable Units in Homosassa. The County Matched $340,000.

Florida Housing Finance Corporation’s June 26, 2026 consent file confirms Cardinal Oaks as an awarded 80-unit Family garden-apartment development in Citrus County, financed with $2,142,000 in annual 9% housing credits. The applicant is Cardinal Oaks, LLC. The developers named on that board table are InVictus Development, LLC, Urban Affordable Development, LLC, and ADC Communities II, LLC. Citrus County’s Division of Housing Services, in an April 24, 2026 presentation, prints a $340,000 local-government match for the InVictus Cardinal Oaks Phase I file and anticipates lease-up in December 2027. That is the verified affordable-housing tape for Homosassa buyers, sellers, and owners today.

This briefing is not a sales flyer and not a groundbreaking claim. It separates the Florida Housing credit file, the county SHIP match, and the Southwest Florida Water Management District environmental-resource notice. The already-live Homosassa dirt tape on this site is Southern Woods Phase V — 74 lots on Woodfield Circle, infrastructure cleared, plat still open. The CR-486 agenda tape is tonight’s Homosassa PUD schedule. Financing context for the same week sits on Freddie Mac’s October 22 survey at 7.32 percent on the 30-year. Statewide purchase and sale work stays on residential, and the market map stays on Florida markets.

What Florida Housing’s board file says

On June 26, 2026, Florida Housing’s consent agenda carried Item II.A: Request Approval of Applicant Entity Structure Change for Cardinal Oaks — labeled RFA 2023-201 / 2024-073C / 2025-388C. The development table on that item prints:

• Location: Citrus County.
• Category: New construction.
• Type: Garden apartments.
• Demographic: Family.
• Total units: 80.
• Housing-credit set-asides: 12 units at 30% AMI, 25 units at 40% AMI, and 43 units at 80% AMI, all under the HC–9% column.
• Funding request: $2,142,000 annual 9% housing credits.
• Owner / parent owner: Cardinal Oaks, LLC / InVictus Development, LLC.
• Developers: InVictus Development, LLC; Urban Affordable Development, LLC; ADC Communities II, LLC.
• Principal named on the table: Paula Rhodes.

Background on the same item states that Cardinal Oaks, LLC applied for and was awarded funding from Request for Applications 2023-201 for Housing Credit Financing for Affordable Housing Developments Located in Small and Medium Counties. Staff invited the development into credit underwriting on January 19, 2024, and executed a Carryover Allocation Agreement on May 8, 2024. On October 24, 2025, the Board granted a credit exchange, and a new Carryover Allocation Agreement was executed on October 31, 2025. The June 26 item itself is an ownership-structure cleanup — removing Non-Investor Member UAD Cardinal Oaks, LLC (0.0005%) and raising IVD Cardinal Oaks, LLC from 0.0065% to 0.0070% — not a new award. The award sentence is already in the background paragraph.

The Florida Administrative Register notice dated October 28, 2025, records that on October 27, 2025, Florida Housing issued an order granting Cardinal Oaks, LLC a waiver from Rule 67-48.002(96), F.A.C. (2023), and a portion of the 2023 Qualified Allocation Plan. That order allowed the petitioner to return its 2024 housing-credit allocation and receive a new allocation of 2025 housing credits, with a Priority 1 application restriction until the limited-partnership or LLC operating agreement closed. The petition that preceded the order, Application No. 2024-073C, describes the development as 80 garden apartments on Lewdingar Drive northwest of Cardinal Street and Lewdingar Drive in Citrus County, and it states the development received a Local Government Area of Opportunity commitment from Citrus County for the first of two phases.

What Citrus Housing’s presentation adds

Citrus County’s Division of Housing Services presentation dated April 24, 2026, is a separate county paper. Under the SHIP rental-development strategy it lists Cardinal Oaks Phase I as a Citrus County awarded project:

• Developer on the slide: InVictus Development, LLC, a multifamily firm based out of Tampa.
• Local government match: $340,000.
• Units: 80, with lease-up anticipated December 2027.
• Building program: three-story residential buildings; 16 one-bedroom, 48 two-bedroom, and 16 three-bedroom units; 116 parking spots.
• Program notes on the slide: family development; no rental subsidies on that slide’s AMI summary.

Use the Florida Housing set-aside table for the tax-credit AMI bands. Use the county presentation for the SHIP match, the bedroom mix, the parking count, the three-story note, and the December 2027 lease-up anticipation. Do not mash the two AMI tables into one invented share. A household shopping an income-restricted apartment still has to qualify under the lease and the credit program in force when units open — not under a newspaper paraphrase.

The SWFWMD notice for Phase I

A Southwest Florida Water Management District public notice published August 26, 2026, states that the District received Environmental Resource permit application number 1000790 from InVictus Development, LLC, 600 S. Magnolia Ave., Ste. 390, Tampa, FL 33606. The proposed activity is multi-family residential. The project name is Cardinal Oaks Affordable Housing Phase I. Project size is 13.76 acres. The location printed is 6642 S. Lewdingar Dr., Homosassa Springs, FL 34446, in Sections 07, Township 20 South, Range 18 East, and Section 12, Township 20 South, Range 17 East, in Citrus County. The notice says the application is available for inspection at the Tampa District office and that written comments must reference the permit application number and arrive within 14 days of the notice.

That notice is an ERP application tape. It is not a certificate of occupancy, not a vertical building permit, and not a lease. The Florida Housing file is the credit allocation. The county presentation is the SHIP match and the lease-up anticipation. The District notice is the water-and-environmental paper for Phase I at the Lewdingar address. Keep the three papers in three sentences.

How this sits next to Southern Woods, CR-486, and the rate survey

Southern Woods Phase V is 74 single-family lots on Woodfield Circle inside Sugarmill Woods — infrastructure may commence, final plat not submitted. Cardinal Oaks is an 80-unit income-restricted multifamily file on Lewdingar Drive. A buyer comparing “Homosassa new construction” has to say which file. One is a later Sugarmill Woods village. The other is a Florida Housing garden-apartment award with a county SHIP match.

The October 26 Citrus board agenda briefing schedules Homosassa US-19 PUDs for automobile service and dealership expansion in the Coastal High Hazard Area. Those are commercial planned-unit-development hearings. They are not Cardinal Oaks, and they are not the CR-486 Interchange Management Area. Black Diamond Town Center remains the Lecanto commercial subdivision the county already calls under construction. Crystal Ridge remains the inland residential PUD cleared for infrastructure with plats still out.

National construction volume remains the separate September housing starts release — 1,221,000 starts. The White House housing-costs order is the separate October 22 presidential-action briefing. Neither file allocates Cardinal Oaks units. A written purchase-mortgage quote for a Homosassa single-family house still starts from the October 22 Freddie Mac survey at 7.32 percent on the 30-year and 6.68 percent on the 15-year — and a lock is a lender quote, not that survey average. Income-restricted apartment qualification is a different underwriting path from a conforming purchase loan.

What a buyer, a seller, and an owner do with 80 units

For a household seeking an income-restricted apartment, the useful questions are the income band on the Florida Housing table, the bedroom mix on the county presentation, and the December 2027 lease-up anticipation on that same county slide. Ask which phase is leasing, whether the unit is one of the 12 at 30%, the 25 at 40%, or the 43 at 80%, and what documents the leasing office requires. This page does not quote a rent.

For a resale buyer or seller on a Homosassa street, Cardinal Oaks is future multifamily supply on Lewdingar Drive once units deliver. It does not reprice a Woodfield Circle Phase IV house, and it does not adopt the CR-486 map. Price the house against current comps and a written quote. The Homosassa guide and the Sugarmill Woods guide remain the street files. The Citrus County market overview is the county process layer.

For an owner or investor watching coastal multifamily, keep the Coastal High Hazard Area conversation on the commercial PUD files and the flood and insurance guides, not on the housing-credit set-aside table. An ERP application at 13.76 acres is a District paper. Insurance and flood still run parcel by parcel.

The through-line

Cardinal Oaks is an 80-unit Family garden-apartment development in Citrus County with a Florida Housing award of $2,142,000 in annual 9% credits under 2024-073C / 2025-388C, after a October 24, 2025 credit exchange and a new Carryover Allocation Agreement dated October 31, 2025. The housing-credit set-asides are 12 / 25 / 43 units at 30% / 40% / 80% AMI. Citrus Housing’s April 24, 2026 presentation awards a $340,000 local match, prints a 16 / 48 / 16 bedroom mix with 116 parking spaces, and anticipates lease-up in December 2027. SWFWMD noticed ERP application 1000790 for Phase I at 6642 S. Lewdingar Drive on 13.76 acres. Southern Woods Phase V remains the separate 74-lot single-family Homosassa file. This page does not invent a groundbreaking week, a rent schedule, or a second-phase unit count.

Sources: Florida Housing Finance Corporation, June 26, 2026 Consent Items, Item II.A, Cardinal Oaks (RFA 2023-201 / 2024-073C / 2025-388C) — awarded 80-unit Family garden apartments in Citrus County; HC–9% set-asides 12 at 30%, 25 at 40%, 43 at 80%; funding request $2,142,000; developers InVictus Development, LLC, Urban Affordable Development, LLC, and ADC Communities II, LLC; credit underwriting invitation January 19, 2024; Carryover Allocation Agreement May 8, 2024; Board credit exchange October 24, 2025; new Carryover Allocation Agreement October 31, 2025; June 26 ownership-structure change removing UAD Cardinal Oaks, LLC. Florida Administrative Register notice of October 28, 2025, order of October 27, 2025, granting Cardinal Oaks, LLC waiver from Rule 67-48.002(96), F.A.C. (2023), and a portion of the 2023 QAP to return 2024 credits and receive 2025 credits. FHFC Petition for Waiver, Application No. 2024-073C (Lewdingar Drive NW of Cardinal Street and Lewdingar Drive; 80 garden apartments; Local Government Area of Opportunity commitment from Citrus County for the first of two phases; $2,142,000 competitive HC request). Citrus County Division of Housing Services presentation, April 24, 2026 (InVictus Development local match $340,000; Cardinal Oaks Phase I 80 units; lease-up anticipated December 2027; 16 one-bedroom, 48 two-bedroom, 16 three-bedroom; 116 parking spots; three-story residential buildings). Southwest Florida Water Management District public notice published August 26, 2026, ERP application 1000790, Cardinal Oaks Affordable Housing Phase I, 13.76 acres, 6642 S. Lewdingar Dr., Homosassa Springs, FL 34446.

For help reading this affordable-housing file against a Homosassa house, a Sugarmill Woods lot, or another Citrus, Hernando, Pasco, Hillsborough, or Pinellas address, contact Bridge Point Business & Real Estate Advisors at 352-515-0226 or request a consultation.