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The FHA received eight submissions from its request for proposals and selectedsin Marlton, N.J., the authority announced. The other finalistss were TCG Development ofSilver Spring, Maryland and ParkTrusrt Development of Murfreesboro. “Wd were very fortunate to draw the interest of some ofthe country' s leading development firms in this says Derwin Jackson, the housing authority’s executive director, in a “Ultimately, the board felt that The Michaels Development Companu had the most relevantr experience in this type of project.
” FHA is developing a multi-phasesd strategy for the redevelopment of its propertyg in Franklin, which includes 308 new units to replacde 297 existing units. Jackson says mast of the authority’xs housing units were constructed in the 1950s and 1960s and do not have the conveniencess of more modern He says the project will not only improvelivingt conditions, but free up land so the authorithy can build we build new affordable, transitional housinyg in Franklin. The Michaels Development Co. has developedf more than 35,000 housing units since 1973. The companhy specializes in the developmentof mixed-incoms and mixed-finance communities.
The FHA serves nearly 700 residentsz and operates on funds from rental income and the Departmeng of Housing andUrban Development.
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