The Mayors of the City of Franklin and Williamson County, along with residents, community leaders, and executives from the Franklin Housing Authority and The Michaels Organization gathered Tuesday 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."
When completed in 2016, the new Reddick Family 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.
“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," Mayor Ken Moore said. "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 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 incomes 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.