DATE: September 1, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, ACA Community and Economic Development
Chris Bridgewater, Director BNS
Kathleen Sauseda, Housing Development Coordinator
SUBJECT:
Review of Inclusionary Housing Initiatives.
Purpose
The purpose of this memorandum is to request consideration by the Board of Mayor and Aldermen (BOMA) of several housing strategies that were highlighted in the recently completed Housing Needs Assessment, two Community Housing Summits, and continuing work by the Franklin Housing Commission which are intended to promote housing diversity in our community. Understandably, Inclusionary Housing as discussed in this memorandum is one of many strategies that require thoughtful consideration when considering the complex issue of maintaining a healthy mix of housing types in our community.
Background
In June, Alderman Pearl Bransford requested the Board of Mayor and Aldermen consider replenishing the Housing Reserve with $250,000 since the aldermen had recently authorized the majority of the funds be assigned to redevelopment activities undertaken by the Franklin Housing Authority and Hard Bargain Association. The City's current Inclusionary Housing Ordinance, which is applied to previously-approved planned developments that increase density, was adopted in 2010 and has generated a total of $270,000. Through the accepting of fees-in-lieu of building affordable units, the various developers increased density with their respective developments by 261 buildable lots. The current balance in the Housing Reserve is $46,813.
Currently, the Nashville Metropolitan Statistical Area (MSA) that includes 14 counties, states the affordable maximum home price for a family of four (4) is $181,501, and the price for a workforce housing family of four (4) is $340,314. The average sales price for a home in the City of Franklin is $446,000.
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