Note: FY 2021 is last year (July 1, 2020 to June 30, 2021). The report was prepared to cover the business for the FY 2021 period. This year’s report FY 2022 (July 1, 2021 to June 30, 2022) is in preparation now and is normally available for distribution at the polls for the November election.
The Franklin Municipal Affordable Housing Trust fund was established on May 18, 2005 by Bylaw Amendment 05-567. The Trust Fund can 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.
The Department of Housing & Urban Development (HUD) establishes the Median Income for the area annually (currently $120,800). Income limits are set at 80% of the Median Income based on household size. The “Affordable” sales price for a home is set assuming a household earning 80% of the median income can obtain a mortgage.
“Affordable” homes must have a “deed rider” attached to the deed of the home. The deed rider will preserve the resale value of the home so that it will remain as affordable in perpetuity. “Affordable“ homes must be purchased by income and asset qualified households.
Having the deed rider ensures that all the affordable units will be included on the “Subsidized Housing Inventory” (SHI). The goal is to have an affordable housing inventory of at least 10%. Franklin’s SHI is at 12%. This number allows the Town leeway to support only those developments that it feels benefit the community.
In FY2020, interest rates continued to be at historic lows and the Municipal Affordable Housing Trust processed 5 refinances and re-sold 1 home.
Progress is continuing on the Franklin Ridge senior housing project to be located off of Veterans Memorial Drive and behind Eaton Place. The project will include 60 new senior apartments that will be affordable to income and asset qualified seniors. The Trust has earmarked up to $550,000 in support of this project.
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.
Chris Vericker, Chairman
Mary Anne Bertone
Judith Pond Pfeffer
The full Annual Report for 2021 can be found
The collection of Annual Reports can be found online
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