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Franklin will use a lottery for affordable housing resale properties instead of first-come, first-served applications, with financial documents requested after applicants are notified of the lottery results. The Trust reported $1,060,895.50 in cash holdings, including $500,000 committed to Franklin Ridge.
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The updated process is intended to give eligible households a more equal opportunity to learn about and apply for limited affordable homeownership opportunities. The Town will manage applications, lotteries, communications, and marketing, while directing applicants to other agencies when needed. Franklin’s Subsidized Housing Index was reported at 11.05%, and discussion of future projections was postponed to the next meeting.
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