Sunday, April 24, 2016

Franklin Awards Two Affordable Homes to New Families

On April 6, 2016 the Town of Franklin conducted an affordable housing lottery for two homes at 15 Beaver Court and 48 Arlington Street. The homes were awarded as part of the Town of Franklin’s commitment to maintain a diverse housing stock for families of all incomes and to provide improvements to neighborhoods through the rehabilitation of properties. The homes within this program are managed by the Franklin Municipal Affordable Housing Trust Fund
The Trust Fund was established on May 18, 2015. The Trust has capabilities to receive, hold, invest or expend funds for the rehabilitation, renovation, construction, financing or refinancing of property within the Town of Franklin. The Fund has an open request for proposals every month for individuals looking to sell their property in Town. In some cases, homes may need small or larger renovations, in which the Town may purchase a home, make the renovations, and bring the home up to building code and resale through a public lottery. 
The Fund makes these residential properties available to low and moderate income families looking for a home. The homes are deed restricted and must maintain a level of affordability according to state guidelines. Monies put into the Trust Fund are mostly from mitigation of other development projects in the community. 
For the April 6th lottery, the Town had nine applicants in all for both properties. Held in the Town Council Chamber, the public lottery selected each applicant to provide an order or priority. Two families were awarded the opportunity to obtain a mortgage from a bank to purchase the home. 
Both families have thirty (30) days to secure their mortgage. Please stay in touch with the Town website, Facebook page and Twitter account for any further announcements, application deadlines and other opportunities. Residents may also call Maxine Kinhart in the Town Administrator’s Office with any questions at 508-553-4887. 

one of the homes in the lottery was this one on Beaver Court built by Tri-County students
one of the homes in the lottery was this one on Beaver Court built by Tri-County students

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