Franklin Place

1506 State Line Rd, Elizabethton, TN 37643

Waiting List Forecast: Likely Long or Closed

check_circleVerified for 2019 by Colleen Carter, Ric Gresia

Rent	Beds	Baths	SqFt
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Waitlist Forecast

Since this property is a Section 202 property and includes rental assistance, it will tend to have a longer waiting list. Sometimes these waiting lists can be months or years long and may or may not be accepting new applicants. 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.

Dave's Thoughts On Franklin Place

As a modern Section 202 property built after 1990, Franklin Place only allows seniors aged 62 or older. Older “Legacy” 202 properties (pre-1990) do allow younger persons with disabilities. Modern 202 properties tend to be in better physical condition primarily due to age. Section 202 properties include a rent subsidy, so you will only pay 30% of your income toward rent. To qualify, you will need to earn 50% of the Area Median Income or less. These properties often include a resident services coordinator that arranges services like healthcare management, transportation, and social activities. If you are a senior or have a senior in your household, and need services to maintain independent living, this property may be good for you. Since this property participates in the HUD 202 program and has a property based subsidy, if you have a Section 8 voucher, you would have to give up your voucher to move in.

~ Dave Layfield, Founder of Affordable Housing Online

Income Qualification for Franklin Place

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

AMI*	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
30% AMI for PBRA Units	$15,000 / year	$19,720 / year	$24,860 / year	$30,000 / year	$35,140 / year	$40,280 / year	$44,250 / year	$47,100 / year
50% AMI for LIHTC Units	$25,000 / year	$28,550 / year	$32,100 / year	$35,650 / year	$38,550 / year	$41,400 / year	$44,250 / year	$47,100 / year
50% AMI for PBRA Units	$25,000 / year	$28,550 / year	$32,100 / year	$35,650 / year	$38,550 / year	$41,400 / year	$44,250 / year	$47,100 / year
80% AMI for PBRA Units	$39,950 / year	$45,650 / year	$51,350 / year	$57,050 / year	$61,650 / year	$66,200 / year	$70,750 / year	$75,350 / year

*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.

FAQs for Franklin Place

Does Franklin Place have a waiting list?

Franklin Place probably has a waiting list. Since our research has shown there is a project-based rental assistance associated with this property, the waiting list would be for the rent-assisted units. We haven't confirmed if this is the case, so you should contact the property to confirm.

Are rents subsidized at Franklin Place?

We believe rents are most likely subsidized at all or some of the units since our research has turned up at least one public housing or rental assistance contract probably associated with this property.

In addition to Franklin Place, how many other affordable housing properties (and units) are there in Elizabethton?

In addition to Franklin Place, we list 9 other affordable properties in Elizabethton. Learn about these properties here. Our data research shows that there are a total of 742 affordable units in Elizabethton.