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Franklin council authorizes housing authority to pursue revenue bonds for Dorchester Square renovation
Summary
The council approved an ordinance authorizing the Franklin Redevelopment and Housing Authority to issue multifamily housing revenue bonds to acquire and renovate Dorchester Square (about 125 apartments at roughly $100,000+ per unit); staff said the city is not borrowing money and the action does not affect the city’s budget.
The Franklin City Council voted on March 23 to authorize the Franklin Redevelopment and Housing Authority to issue multifamily housing revenue bonds for Dorchester Square, a 125-unit apartment complex slated for acquisition and extensive renovation.
City staff described the project as a purchase-and-renovate proposal with anticipated renovation costs of just over $100,000 per unit on average. The city clarified it would not be borrowing directly; the ordinance grants the housing authority permission to proceed with bond financing so the authority can acquire, rehabilitate and equip the property. “There’s no impact on the city’s budget,” a staff presenter said.
Council moved and seconded the ordinance and then voted to approve it; the motion carried as recorded in the meeting minutes. Supporters framed the financing as a way to preserve and improve local multifamily housing stock without placing the city’s general fund at risk. The council did not attach additional city debt or direct subsidy to the action during the meeting.
What’s next: the housing authority will pursue the bond issuance and contracting process and return to council or staff with implementation steps as required by state law and local policy.
