The grant money must specifically fund housing for extremely low income families. Earning 30% of the area median income, extremely low income families make no more than $26,500 per year. Families in any of the low income brackets can apply for a housing voucher. Applications are projected to open in fall 2022. “The need in Franklin is great with gentrification taking place in areas that had been affordable and the cost of housing, both rental and homeownership, being higher than many can afford,” Franklin Housing Authority Vice President Susan Minor said. “With these grants, the Franklin Housing Authority is able to construct affordable housing on land that we own and provide that housing to families in our community.”
The Cherokee Place development is the fifth step of 10 in the agency’s plan to increase affordable housing in the area. Once completed, the Franklin Housing Authority will have built or improved at least 300 affordable housing units. This long-term plan is projected to take seven to 10 more years.
“These grants play a pivotal role in spurring the construction of new affordable housing units,” THDA Executive Director Ralph M. Perrey said in a news release. “Having access to safe, decent, affordable housing is more important than ever, and the National Housing Trust Fund ensures units like that will be built to help those who need it most.” FHA was one of seven organizations chosen by the Tennessee Housing Development Agency to receive a portion of the $5 million total funding.
News Highlights Health
- Franklin Housing Authority Receives Grant to Build Low-Income Housing
- Check all news and articles from the Health news information updates.