The Town of Franklin, North Carolina, knows how important it is to provide residents with safe, affordable housing. In the last ten years, the town has seen significant population gains, and has recently experienced growth in the health care, local government, and retail sectors, including the completion of a Walmart Regional Supercenter. As the Franklin workforce continues to grow, so does the demand for affordable housing. With all of the local LIHTC properties operating on a waiting list, it became clear that the town was in need of another option. Recognizing this growing issue, The Town of Franklin teamed up with The Flatiron Group, Inc., to develop the town’s first new LIHTC community in over a decade.
Westgate Terrace is a new construction 60-unit community for families earning 60% or less of the area median income. This three-building development includes a laundry room, outdoor picnic area, playground, computer room, fitness area, covered patio, and a community room. Developable areas in a mountainous region like Franklin can be hard to come by, but the prime location of Westgate Terrace provides residents with breathtaking views, along with easy access to highways, retail areas, and health care.
The partnership between The Flatiron Group and the Town of Franklin was instrumental in making this project possible. Because of this relationship, The Flatiron Group was able to work with a local bank to secure favorable permanent financing terms and the Town of Franklin waived substantial utility tap fees, both of which were necessary to make this development successful. Westgate Terrace should bring the Town of Franklin long-term economic benefits as well. With greater access to affordable housing, the workforce in the area – and therefore the consumer spending – will continue to grow.
To nobody’s surprise, Westgate Terrace was 100% leased-up within three months. This prosperous collaboration between The Flatiron Group and the Town of Franklin was an important step in providing residents the access to safe, affordable housing that they deserve.