Cherokee Place, an affordable housing complex to be located along Cherokee Place and Shawnee Drive, will feature multiple multifamily buildings and townhouses with units ranging from one to five bedrooms, according to proposed plans from the FHA. The project was presented in a neighborhood meeting hosted by the FHA on Aug. 5.
“Part of our overall master plan is to really create additional affordable housing but also to redo all the public housing and change that to really more affordable and market-rate housing in the city of Franklin,” FHA President and CEO Derwin Jackson said.
Jackson said the $20 million project will be funded with tax credits, and residents will need to earn within certain income levels to apply for the housing, which may be subsidized in some cases. However, he said the units are not Section 8 housing, which typically require vouchers from the U.S. Department of Housing and Urban Development. The rental rates for the new units will be comparable to the existing rent at the site, Jackson said.
“Most of our families, they work,” Jackson said. “It’s possible that if the tenant themselves is making above what that income level is, that there’s no subsidy at all on the unit. But if a tenant is below a certain income level, then there may be a subsidy on it. Some will have subsidies; some will not. So there’s going to be a mixture of market-rate and subsidized units in the development.”
The site currently features 72 existing affordable housing units that will be torn down to make room for the new buildings. Jackson said the FHA is working with current residents to relocate them to other housing. The development will be located near the Chickasaw Senior Community, another FHA project that opened in late 2019.
Cherokee Place will also feature some open and recreational space and will preserve the existing tree canopy near the development. Public transit is also available nearby, according to the project developers.
The development plan is still subject to approval from the city’s planning commission as well as the Franklin Board of Mayor and Aldermen, and it will go through a public hearing process. The FHA does not expect to begin construction until mid- to late 2021, and the project should be complete by late 2022, Jackson said.
“We’re excited about it, but we also want to make sure that if there any concerns with anything we’re doing, we want to address those,” Jackson said. “It’s always our concern that we’re doing the best that we can to help provide housing for the citizens of Franklin but as well as make sure the neighborhood is still a safe and desirable neighborhood for everybody.”