Homes bought by city ready for resale
Published 11:12 am Saturday, September 25, 2010
FRANKLIN—Last year, the city was awarded a $400,000 grant to purchase, rehabilitate and resell vacant foreclosed homes to low- to moderate-income families.
Now Franklin is preparing to sell the three properties it acquired through the Neighborhood Stabilization Program. The homes are at 212 Thomas St., 808 Walnut St. and 135 Langston St. Sale prices will be based on the buyer’s income.
City Community Development Director Donald Goodwin said the rehabilitation on the Thomas Street home has been completed.
“That one’s ready to be sold,” he said.
Work on the other two homes should be completed in 60 days.
“What we’re going to do is resell these with some discounts to eligible homebuyers,” Goodwin said. “As long as their income doesn’t exceed 120 percent of the median income, then they’re eligible to purchase these homes.”
The median income for a family of four is about $56,100
In addition to meeting income and credit requirements, potential homebuyers must participate in an eight-hour homeownership course.
The City Council will hold a public hearing at 7 p.m. Monday, Sept. 27, at City Hall to hear public comment about the sales.
“This is just a normal step,” said Goodwin, adding that state law requires a public hearing before the city can sell or dispose of publicly owned real property.
City Council will also hold a public hearing on Monday for the sale of a piece of city-owned property in the Cypress Manor subdivision off Country Club Road. City Attorney Taylor Williams said the property houses a deep well that used to serve Cypress Manor. Water lines have since been extended to the subdivision from the city limits, and the well has been abandoned and capped with concrete.
“So we don’t need that corner lot anymore,” Williams said.