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Affordable Housing In Franklin
Allen Parish, Louisiana

5 Low Income Apartment Communities In Franklin

Franklin Hope Haven, Inc

412 9th St
Franklin, Louisiana
Subsidized

St Jules Apartments l & ll

1706 W Ibert St
Franklin, Louisiana
Subsidized

Franklin Square I and II Associates

505 Robertson St
Franklin, Louisiana
Subsidized

River Pointe Apartments

1910 Canal Dr
Franklin, Louisiana
Subsidized

Plantation Teche Apts

1110 Plantation Dr
Franklin, Louisiana
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Housing Authorities that serve Franklin

Housing Authority Programs
St. Mary Parish Council Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Franklin, Louisiana

There are 5 low income housing apartment communities offering 252 affordable apartments for rent in Franklin, Louisiana.

Income Based Apartments in Franklin, Louisiana

Franklin features 252 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Franklin, Louisiana

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin.

Housing Choice Vouchers in Franklin, Louisiana

On average, Section 8 Housing Choice vouchers pay Franklin landlords $100 per month towards rent. The average voucher holder contributes $400 towards rent in Franklin.

The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin, Louisiana for a two-bedroom apartment is between $639 and $781.

2020 Franklin, Louisiana Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Fair Market Rent $542 $546 $710 $988 $1,064
Payment Standard Range $488 to $596 $491 to $601 $639 to $781 $889 to $1,087 $958 to $1,170

Sourced from federal housing data and AffordableHousingOnline.com research.

Franklin, LA Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 252
Total Housing Units with Rental Assistance 252
Percentage of Housing Units Occupied By Renters 42.14%
Average Renter Household Size 2.83
Average Household Size 2.76
Median Household Income $29,964 ±$4,777
Median Rent $578 ±$80
Percentage Of Renters Overburdened 45.68% ± 9.78pp
Total Population 7,435

Population and Household Demographics

Franklin is a city in Allen Parish, Louisiana with a population of 7,435. There are 2,608 households in the city with an average household size of 2.76 persons. 42.14% of households in Franklin are renters.

Income and Rent Overburden in Franklin

The median gross income for households in Franklin is $29,964 a year, or $2,497 a month. The median rent for the city is $578 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Franklin, a household making less than $1,927 a month would be considered overburdened when renting an apartment at or above the median rent. 45.68% of households who rent are overburdened in Franklin.

Area Median Income In Franklin

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.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Franklin, the AMI is calculated from all households within Allen Parish.

In Franklin, HUD calculates the Area Median Income for a family of four as $58,200

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

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 HUD Rental Assistance in Franklin

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,760 $17,240 $21,720 $26,200 $30,680 $33,800 $36,100 $38,450
50% of Median $20,400 $23,300 $26,200 $29,100 $31,450 $33,800 $36,100 $38,450
80% of Median $32,600 $37,250 $41,900 $46,550 $50,300 $54,000 $57,750 $61,450