April 7, 2020 — Boston Capital is investing in the preservation of the Spring Street Johnson Circle development, a 64 unit apartment community in Franklin, Tennessee. The general partner is the Franklin Housing Authority (FHA), headquartered in Franklin. Spring Johnson Apartments represents Boston Capital’s first investment with FHA.
The property will be renovated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Units will be available to families and individuals with incomes at or below 60 percent of AMI.
“We are excited to partner with Derwin Jackson and the Franklin Housing Authority team in the preservation of Spring Street and Johnson Circle,” said Jack Manning, president and CEO of Boston Capital. “Not only will this investment preserve much-needed affordable housing in Franklin, current residents will benefit from substantial interior and exterior renovations.”
“As we work to redevelop our affordable housing in Franklin, we look forward to working with Boston Capital on the Spring Street Johnson Circle property,” said Derwin Jackson, President/CEO of the Franklin Housing Authority. “Partnerships such as this are critical to our work and we hope this is the first partnership of many to come.”
Originally built in 1963, Spring Street and Johnson Circle includes 64 garden-style apartments and features 24 one- and two-story residential buildings housing one to six units each. Spring Street and Johnson Circle will feature four studios, 24 one-bedroom, 17 two-bedroom, 12 three-bedroom, four four-bedroom and three five-bedroom units. Development amenities include an on-site public housing office and community center as well as a computer room with free internet access. Units will feature dishwashers, washer/dryer hookups and porches. Additionally, the apartment community offers excellent access to public transportation, schools and employment opportunities.
The substantial rehabilitation of Spring Street and Johnson Circle will include repairing and painting the brick exterior, replacing the roof, gutters, downspouts, windows, entry doors and installing new central heat and air systems including new ductwork. The rehabilitation will also include the installation of new energy efficient water heater units in all units.
Interior renovations will include the replacement of interior doors, frames and hardware; the installation of new kitchen base and wall cabinets and countertops, new range hoods, new stainless-steel sinks, new water closets, new bathroom fixtures including ceramic flooring and lighting; and the addition of cable TV connections.
Boston Capital’s investment in Spring Street Johnson Circle adds 64 affordable homes to its apartment portfolio. To date, Boston Capital has invested nearly 4,000 affordable apartments in Tennessee.
About The Franklin Housing Authority:
The Franklin Housing Authority (FHA) has been providing affordable housing to families and individuals with low to moderate income since 1953. Today it operates 288 public housing units throughout the Franklin, Tennessee community, serving nearly 600 residents. FHA is funded through rental income and subsidies from the Department of Housing & Urban Development.