June 27, 2018 – The Tennessee Housing Development Agency is tapping into a new federal source of funding for the first time to help the Franklin Housing Authority transform a public housing property into privately owned affordable housing.
THDA will provide a $732,997 grant from the National Housing Trust Fund to assist in updating the 55- and 47-year old properties on Spring Street and Johnson Circle in Franklin, which include 64 apartments and are in need of major repairs.
“These buildings rather obviously stand out as public housing right now, and our goal is to renovate the buildings inside and out so they become a beautiful and seamless part of the neighborhood,” said FHA Executive Director Derwin Jackson.
Created and funded by Congress, the National Housing Trust Fund (NHTF) is a new program that must be used to create or protect housing for people living near or below the federal poverty line. As the administrator of the program at the state level, THDA received more than $2.7 million to award to developers of affordable housing in Tennessee, including the Franklin Housing Authority.
“The Franklin Housing Authority is really hitting it out of the park with these renovations and its entire plan for the property,” said THDA Executive Director Ralph M. Perrey. “We are quite pleased that a new opportunity to support their efforts became available to us, and it’s exciting to announce they’re part of our first-ever allocation of funding from this program.”
“With home prices in the Franklin area averaging nearly $450,000 and the average rent for a one-bedroom apartment being over $1,100, there is tremendous need for affordable housing in the heart of our city,” said Jackson.
The Franklin Housing Authority is one of three organizations to receive a share of THDA’s first NHTF allocation. FHA has also received $1.1 million in federal funding from HUD’s Rental Assistance Demonstration (RAD) program to assist with the renovation of the property. The complete redevelopment process is projected to cost $5.7 million, after which the Franklin Housing Collaborative, a local 501(c)3 nonprofit, will take sole ownership of the property. As a condition of NHTF funding, the property must remain affordable to low-income households for a minimum of 30 years. For more information, visit www.THDA.org/business-partners/NHTF.
The Franklin Housing Authority has been providing affordable housing to families and individuals with low to moderate income since 1953. FHA now operates 229 public housing units, 64 Low Income Housing Tax Credit Units and 40 Section 8 vouchers serving nearly 700 residents. For more information, visit FranklinHousingAuthority.com.