8505 FAYWOOD DRIVE, Indianapolis, IN 46239
Waiting List Forecast: Likely Short or None
Verified for 2023 by Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $750 - 1,015 per Month† | 1 - 3 Beds | 1 - 2 Baths | 770 - 1,319 Sq Ft |
Since this property is a LIHTC property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. You should contact the property to verify.
Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.
"Location, quality and value combined with incredible floorplans and impressive amenities make Franklin Cove the ideal place to call home! Located in the popular Franklin Township School District, Franklin Cove offers a small-town feel while allowing you to enjoy the convenience of living minutes from the heart of Indianapolis via I-74 and I-465. Destinations including Shelbyville, Greensburg and popular Indianapolis shopping, dining, nightlife and the Arts are all less than a 30-minute drive."
This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. No subsidies are provided directly to the residents, but the owner must set rents affordable to low-income renters in the area. Our data suggests Franklin Cove does not participate in any project-based rent subsidy program. This means you must earn enough to pay the full rent or have your own Section 8 Housing Choice Voucher. For that reason, LIHTC properties tend to have shorter waiting lists or even none at all. LIHTC properties nationwide are required to accept housing vouchers. LIHTC properties were first built in the late 1980's. Because they tend to be newer, these properties are more likely to have larger units, more amenities, and greater tenant service offerings than other affordable housing programs. This property might be right for you if you have a housing voucher or enough income to pay rent, are looking for a high quality property, or need immediate availability. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers. Since the property also utilizes a FHA insured private mortgage, the property is subject to Federal physical condition requirements and REAC inspections. As a LIHTC property that chose the 40/60 election, this property has agreed to set aside at least 40% of its units for families and individuals earning 60% of Area Median Income (AMI). Many properties have actually set aside more units than required by law, and in many cases all of the units at these properties are affordable to renters with lower incomes.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| One Bedroom (1/1) | 770ft2 | $750 $775† |
| Two Bedrooms (2/2) | 1068ft2 | $870 $890† |
| Three Bedrooms (3/2) | 1319ft2 | $999 $1,015† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $33,850 / year | $38,700 / year | $43,550 / year | $48,350 / year | $52,250 / year | $56,100 / year |
| 50% AMI for PBRA Units | $33,850 / year | $38,700 / year | $43,550 / year | $48,350 / year | $52,250 / year | $56,100 / year |
| 60% AMI for LIHTC Units | $40,620 / year | $46,440 / year | $52,260 / year | $58,020 / year | $62,700 / year | $67,320 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Franklin Cove have a waiting list?
Franklin Cove probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Franklin Cove?
We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.
What property management company manges Franklin Cove?
Franklin Cove is managed by Pedcor Management headquartered in Carmel, Indiana.
In addition to Franklin Cove, how many other affordable housing properties (and units) are there in Indianapolis?
In addition to Franklin Cove, we list 612 other affordable properties in Indianapolis. Learn about these properties here. Our data research shows that there are a total of 22718 affordable units in Indianapolis.
When was the Franklin Cove listing last updated?
Franklin Cove listing on Affordable Housing Online was last updated on 01/02/2023 by Joshua Cappell. Remember, a property's status can change so you should contact the property to confirm.
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Know your rights as a Section 8 tenant.
In many areas, private landlords with an available unit can refuse interested tenants who have a Section 8 voucher. Check your local laws.Lisa Selby says:
"After years of applying for Section 8 and never being called, this website is the reason I finally received my voucher, and just moved into my new apartment! If I had not started receiving alerts from Affordable Housing Online of waiting list openings in my area, I would not be where I am today!"