In Franklin, we offer a model program that provides seven affordable, owner-occupied single family homes that were rehabbed with state grants and sweat equity. The program was designed in conjunction with the Town’s community development office in the early 1990s.
Metacomet Land Trust owns the underlying land at each site and leases the use of the property for 99-years, thus reducing the entry cost to first-time homebuyers. Home owners pay a modest monthly lease fee to the land trust.
These homes are permanently affordable due to a restrictive agreement which limits the annual appreciation in value.
The preservation of affordable homes in the central neighborhoods of the Town of Franklin helps the entire community. Today, the older, established neighborhoods of New England villages are highly desirable and imitated in the new urban planning designs of “Smart Growth.”
For more information on the Franklin approach to affordable housing, please contact Metacomet or the Franklin Community Planning Department.