Funding Source Secured For New Public Housing Units In Franklin

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Funding Source Secured For New Public Housing Units In Franklin

CREATED Jul 11, 2014
by Chris Cannon

FRANKLIN, Tenn. - The funding source for a new public housing community in Franklin has been secured. It will raise more than $10 million to build dozens of homes.

The Franklin Housing Authority will construct 65 new homes between Strahl Street and Granbury Street, just off of Columbia Avenue.

“I think that's the key role that we're going to play, to help the city and their overall plan, to bring more affordable housing to Franklin,” explained Derwin Jackson, the Franklin Housing Authority’s executive director.

The new homes will be duplex and triplex buildings. They will consist of two, three and four bedroom units.

Three FHA secured the ability to sell 9 percent tax credits from The State of Tennessee. That should raise a little more than $10 million. FHA will use $500,000 of its own money, and then take out a $3.5 million loan to cover the $14 million price tag of the new Reddick Community.

The new homes will take shape on a piece of property where 44 housing units once stood. Those buildings were demolished as part of a comprehensive strategy to update FHA units.

“It’s something we had planned out. Residents, we told them about it four years ago, so now to see it come to fruition, to see it happening is always an exciting part of it,” Derwin said.

Amy Gibson lives with her family in FHA’s older Park Avenue homes. They will be among the first people to move into the new Reddick homes.

“We were waiting to hear about the funding. So once that happened, oh yeah, that was exciting,” Gibson said. “Because it will be a lot better area, right there next to the library, places for the kids to go play. So excited.”

FHA plans to break ground on the new homes in late 2014, or early 2015. It will take a little more than a year to building the units.

The FHA master plan is to eventually double the number of affordable units in the city to 600.

“This is really changing the face of this community, and really improving the quality of life for the residences here in this community,” according to Derwin.

FHA managers will start working on a phase plan for its housing units next week.