Affordable Housing In Franklin County
Iowa

4 Low Income Apartment Communities In Franklin County

Oak Tree Apartments

403 7th St SW
Hampton, IA
Accessible
Disabled Supportive Housing
Subsidized

The Meadows ~ Hampton

420 8th Ave SW
Hampton, IA
62+
Accessible
Elderly Supportive Housing
Subsidized

Unselected

105 1st Ave SW
Hampton, IA

Hampton Iha Apartments

206 12th Ave NE
Hampton, IA
Subsidized
  • «
  • 1
  • »

Housing Authorities that serve Franklin County

Housing Authority Programs
North Iowa Regional Housing Authority Public Housing

Guide To Affordable Housing in Franklin County, Iowa

There are 4 low income housing apartment communities offering 169 affordable apartments for rent in Franklin County, Iowa. Franklin County features 169 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Franklin County.

Sourced from federal housing data and AffordableHousingOnline.com research.

Franklin County, IA Affordable Housing Snapshot

Total Affordable Apartment Properties 4
Total Low Income Apartments 169
Total Housing Units with Rental Assistance 169
Percentage of Housing Units Occupied By Renters 25.81%
Average Renter Household Size 2.43
Average Household Size 2.42
Median Household Income $48,605 ±$2,080
Median Rent $574 ±$29
Percentage Of Renters Overburdened 23.75% ± 7.52pp
Total Population 10,489

Population and Household Demographics

Franklin County is a County in Iowa with a population of 10,489. There are 4,258 households in the county with an average household size of 2.42 persons. 25.81% of households in Franklin County are renters.

Income and Rent Overburden in Franklin County

The median gross income for households in Franklin County is $48,605 a year, or $4,050 a month. The median rent for the county is $574 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Franklin County, a household making less than $1,913 a month would be considered overburdened when renting an apartment at or above the median rent. 23.75% of households who rent are overburdened in Franklin County.1

Area Median Income In Franklin County

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

In Franklin County, HUD calculates the Area Median Income for a family of four as $60,500

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Franklin County

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Franklin County HUD Rental Assistance in Franklin County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,600 $16,910 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $24,300 $27,800 $31,250 $34,700 $37,500 $40,300 $43,050 $45,850
80% of Median $38,850 $44,400 $49,950 $55,500 $59,950 $64,400 $68,850 $73,300
Low Income Housing Tax Credits in Franklin County

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1991 to 1991, 1 low income apartment communities containing 24 rental apartments have been constructed and made affordable to low income persons in Franklin County by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Franklin County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $24,300 $27,800 $31,250 $34,700 $37,500 $40,300 $43,050 $45,850
60% of Median $29,160 $33,360 $37,500 $41,640 $45,000 $48,360 $51,660 $55,020

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Franklin County is $37,500 a year, or $3,125 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,125 by 30% to get a maximum rent of $938 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $608 $651 $781 $903 $1,008 $1,111
60% $729 $782 $938 $1,083 $1,209 $1,334
Fair Market Rents in Franklin County

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$497 $522 $687 $927 $931

Cities In Franklin County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Ackley 0 The HUD funded Public Housing Agency that serves Ackley is the North Iowa Regional Housing Authority.
Hampton 4 The HUD funded Public Housing Agency that serves Hampton is the North Iowa Regional Housing Authority.
Dows 0 The HUD funded Public Housing Agency that serves Dows is the North Iowa Regional Housing Authority.
Chapin 0 The HUD funded Public Housing Agency that serves Chapin is the North Iowa Regional Housing Authority.
Coulter 0 The HUD funded Public Housing Agency that serves Coulter is the North Iowa Regional Housing Authority.
Geneva 0 The HUD funded Public Housing Agency that serves Geneva is the North Iowa Regional Housing Authority.
Hansell 0 The HUD funded Public Housing Agency that serves Hansell is the North Iowa Regional Housing Authority.
Latimer 0 The HUD funded Public Housing Agency that serves Latimer is the North Iowa Regional Housing Authority.
Popejoy 0 The HUD funded Public Housing Agency that serves Popejoy is the North Iowa Regional Housing Authority.
Alexander 0 The HUD funded Public Housing Agency that serves Alexander is the North Iowa Regional Housing Authority.
Bradford 0 The HUD funded Public Housing Agency that serves Bradford is the North Iowa Regional Housing Authority.
Sheffield 0 The HUD funded Public Housing Agency that serves Sheffield is the North Iowa Regional Housing Authority.