Partnership Project with Private Developer, Figure 9 LLC
This partnership with Figure 9 Development will create 12 new homes. Eight of these homes will be Affordable Ownership and four of these homes will be Workforce Rental. The Town of Jackson is providing the land (910 Smith Lane and 915 Simon Lane) and an additional $300,632 in funding for the development. (915 Simon Lane was owned by the Town of Jackson and appraised for $1,200,000. 910 Smith Lane appraised for $1,600,000; the Town purchased the lot for $1,200,000.)
This development combines a bargain sale (the Town purchased 910 Smith Lane for below-market value), parking that is covered and stacked, which allows for more residential space, and modular development to bring these units to market quicker than other developments. In addition to the new housing being created, the Town of Jackson plans to invest in multi-modal improvements along this corridor.
In addition to creating 12 new permanently deed restricted homes, the Town of Jackson has also secured eight employee rights of first purchase in the development.