10 Housing Strategy | ENVISION FRANKLIN INTRODUCTION Envision Franklin is a planning document adopted and maintained by the Franklin Municipal Planning Commission. Envision Franklin provides support for making land use decisions, managing the quality of development, determining the time and location of future growth, and directing investment activity. Established to articulate the long-term vision for the City of Franklin, Envision Franklin was first adopted in 2017 and updated in 2023. The 2023 update of Envision Franklin involved extensive public engagement to review existing goals and policies, revise the document to reflect current priorities in the City of Franklin, and determine future land uses and design recommendations. The updated Envision Franklin will direct future development in a way that strengthens the City and creates exceptional places for people. WHY A HOUSING STRATEGY FOR ENVISION FRANKLIN? Franklin is a growing city with a rapidly increasing population. From 2000 to 2020, the city's population doubled, from 41,842 residents to 83,852. It is expected to continue to grow by another 52 percent from 2020 to 2040, reaching a population of 128,089.ii As in much of the country, housing prices in Franklin have escalated even more rapidly in recent years, especially creating housing challenges for low- and moderate-income residents. The City has pursued a Housing Strategy with the update to Envision Franklin to help address local housing needs. A full range of housing policy options that communities can consider generally fall into four main categoriesiii: 1) Align housing supply with market and neighborhood housing conditions: implement land use and development strategies to increase the overall supply of market-based housing to meet demand. 2) Create and preserve dedicated affordable housing units: adopt local government policies to ensure a supply of dedicated affordable housing units with legal restrictions designating affordability for low- or moderate-income households. While mandatory inclusionary zoning is not legal in Tennessee, local governments may opt to offer incentives such as density bonuses, reduced parking requirements, and/or flexible zoning or design standards in exchange for affordable units. 3) Help households access and afford private-market homes: assist households to access and afford the costs of housing on the private market with resources such as down payment or closing cost assistance, tenant-based rental assistance, and enforcement of fair housing laws. 4) Protect against displacement and poor housing conditions: help renters and homeowners remain stably housed in the face of such challenges as rising rents, job loss, health crises, gentrification, and mortgage defaults; enhance housing quality and prevent the loss of existing units to deterioration.
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