The Franklin Municipal Affordable Housing Trust fund was established on May 18, 2015. The Trust Fund has capabilities to receive, hold, invest or expend funds for the rehabilitation, renovation, construction, financing or refinancing of property within the Town of Franklin making these residential properties available to low and moderate income families looking for an affordable home.
This year interest rates have been at historic lows and we have had numerous homeowners choosing to refinance their mortgages. The Department of Housing and Community Development provided an Agent to resell an over 55+ Townhouse in the Hidden Acres development. These units are purchased by income and asset qualified households, therefore keeping them in the affordable housing inventory. The Town has over the 10% target of its housing inventory as affordable units. We are currently at 11.89%. This number allows the Town leeway to support only those developments that it feels benefit the community.
Even though it is still several years away, Franklin Ridge, the much needed senior housing project, is proceeding as planned. Franklin Ridge will be located off of Veteran’s Memorial Drive and have 60 new senior apartments. The Trust has earmarked $500,000 and the land in support of this project. It will sit behind Eaton Place, our current senior housing development.
This year, as always, we look forward to pursuing innovative ways to produce affordable housing in the Town of Franklin.
It is our pleasure to submit this annual report for your review.
Respectfully submitted,
Mary Anne Bertone
Christopher Feeley
Jamie Hellen
Robert Keras
Maxine Kinhart
Judith Pond Pfeffer
Christopher Vericker, Chair
Christopher Vericker, Chair
For additional info about the Housing Trust, visit their page
For the full Annual Report for 2020
Prior Annual Reports can be found online
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| Franklin Annual Report - 2020: Municipal Affordable Housing Trust |
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