With median home prices in Williamson County well over $400,000 and constantly rising, affordable and workforce housing is both in short supply and also not being built at a rate equal to increasing need.
So for housing advocates, the grand opening and ribbon cutting of the Reddick Street Apartments on Tuesday made for a moment of celebration and congratulation. The 65 units of affordable 1, 2, 3 and 4 bedroom homes, that take up an entire block a little bit north of the Williamson County Library off Columbia Avenue, represent a battle won in a fight that continues.
Spearheaded by the Franklin Housing Authority (FHA) and built by SouthLand Construction, the Reddick Street Apartments’ dedication capped more than four years of working on the project. In late summer 2012, ground was broken on the first phase of the redevelopment of Reddick Street. The Senior Residences at Reddick Street is a 48 unit development for low-and moderate-income senior citizens that was completed in November 2013.
The streets bounding the site are: Strahl, Reddick, Carter and Granbury.
An onsite playground, a multipurpose room and center will also be some of the amenities included.
“First I want to thank God for allowing us to do it, and I am grateful to be a part of all of this,” Franklin Housing Authority executive director Derwin Jackson said. “We try to invest into the people here, making public housing a transition and helping people move forward.”
Housing units at Reddick Apartments will become available to families with a diverse range of incomes up to $46,620 for a family of four.
The Michaels Development Company (MDC) will complete the units to include energy-efficient appliances and HVAC systems. MDC is one of nine integrated but independent companies in the Michaels Organization, a national, privately held group of affordable housing owners and developers.
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 $500,00 from the Housing Trust Funds from the THDA.
FHA gave $512,00 along with $50,000 in community block development grants from the city. SunTrust Bank purchased the tax credits and will act as the construction lender. Enterprise Mortgage Investments, Inc. provided $2.3 million in permanent financing.
“Through this partnership, we are going to see housing for the families in our community,” Franklin Mayor Ken Moore said. “This type of housing will benefit our teachers, healthcare workers, servers and other hard-working individuals and families who want to live and work in our city.”