The new development will increase the supply of of affordable and workforce housing in the City of Franklin.
Franklin, TN (PRWEB) August 18, 2015
The Mayors of the City of Franklin and Williamson County, Tennessee, along with residents, community leaders, and executives from the Franklin Housing Authority and The Michaels Organization gathered today for a ceremonial groundbreaking for the final phase of the Reddick Street Redevelopment. Located next to The Senior Residences at Reddick Street, which opened in 2013, this last phase will bring 65 newly constructed units of affordable family housing to the former site of obsolete public housing.
““Our vision to bring high-quality, modern housing to Franklin’s families with low and moderate incomes to this important neighborhood is well on its way to being fulfilled,” said Derwin Jackson, executive director of the Franklin Housing Authority. “We are grateful for the community support of our comprehensive redevelopment plan.” Jackson said.
When completed in 2016, the new Reddick Apartments community will feature single-family, duplex, and garden-style homes, some with balconies and patios, that offer energy-efficient, modern apartments in a mix of one-, two-, three-, and four-bedrooms. The community will offer central heat and air-conditioning, energy-efficient appliances and HVAC systems, as well as water-conserving plumbing and fixtures. All units will also be wired for high-speed Internet access. Onsite amenities include a community room, computer center, and onsite management offices.
“I am honored to be a part of this ground-breaking and the redevelopment of Reddick Street,” Mayor Ken Moore said. “This type of housing will benefit our teachers, healthcare workers, servers, and other hard working individuals and families who want to live, work and go to school in our beautiful city. The City of Franklin supports the efforts of the Franklin Housing Authority and their achievements of providing affordable, safe housing for low and moderate-income families.”
The new development increases the supply of of affordable and workforce housing options in the City of Franklin. Housing units at Reddick Apartments will be available to families with a diverse range of income up to $46,620 for a family of four.
“We appreciate the work of the Franklin Housing Authority in their efforts to provide housing for our low-income community,” said Williamson County Mayor Rogers Anderson. “Developments such as the Reddick Street Apartments show that partnerships in the community make an impact on the lives of our citizens.
Financing for the $14.3 million development includes $10.6 million in private equity raised from the sale of federal Low Income Housing Tax Credits allocated by the Tennessee Housing Development Authority (THDA), as well as $500,000 in Housing Trust Funds from the THDA. An additional $512,000 came from the Franklin Housing Authority, and $350,000 derives from developer’s equity. The development also benefitted from $50,000 in CDBG funds from the City. SunTrust Bank purchased the tax credits and is the construction lender. Enterprise Mortgage Investments, Inc. provided $2.3 million in permanent financing.
In addition to The Michaels Development Company, which is the affordable housing development company of The Michaels Organization, the development team includes the master planners and architects, Kitchen & Associates, SouthLand Constructors, a locally based general contractor, and local partner, Little John Engineering.
About the Franklin Housing Authority
For more than 55 years, the Franklin Housing Authority has provided affordable, safe housing for low and moderate-income families in Franklin, Tenn. FHA operates 253 public housing units serving nearly 600 residents. Funded through rental income and subsidies from the Department of Housing & Urban Development, FHA also supports partnerships with programs that foster economic self-sufficiency for residents.
About The Michaels Organization
The Michaels Development Company is one of nine integrated but independent companies of The Michaels Organization, the nation’s number one privately held affordable housing owner and developer. Serving more than 115,000 residents in 376 communities across 35 states, the District of Columbia, and the U.S. Virgin Islands and with a development portfolio valued in excess of $4 billion, The Michaels Organization is a national leader in the residential real estate industry, with full service capabilities in development, property and asset management, construction, mortgage finance, and tax credit syndication.