The affordable housing inventory in Franklin comprises various unit types. There are 50 one-bedroom units, 43 two-bedroom units, 18 three-bedroom units, and 2 four-bedroom units. This distribution indicates an effort to accommodate diverse household sizes, from individuals to small families.

Franklin's population has grown significantly over the past decade, increasing from 66,278 in 2012 to 86,904 in 2022, representing a 31% increase. This population growth suggests an increasing demand for housing, including affordable options.

The median income in Franklin has risen from $82,300 in 2013 to $108,354 in 2022, a 31.7% increase. This substantial income growth may indicate a widening gap between high and low-income residents, potentially increasing the need for affordable housing options.

Racial demographics in Franklin have shown slight changes over the past decade. The white population has decreased from 82% in 2013 to 77% in 2022, while the Asian population has increased from 4% to 8%. The Black and Hispanic populations have remained relatively stable at approximately 6% each. This gradual diversification of the population may influence the need for culturally sensitive affordable housing solutions.

Franklin's LIHTC-funded affordable housing inventory provides 113 low-income units, which is a modest proportion of the overall housing stock. The city has received nearly $1.9 million in tax credits, demonstrating a commitment to affordable housing development. The two LIHTC projects, completed in 2013 and 2016, offer a range of unit sizes to accommodate diverse household needs. As Franklin continues to experience population growth and demographic changes, ongoing assessment of affordable housing needs will be essential to ensure adequate housing options for all residents.