Affordable Housing In Franklin County
Tennessee

11 Low Income Apartment Communities In Franklin County

Grant Homes

202 4th Ave S
Decherd, TN

There are 11 low income housing apartment complexes which contain 565 affordable apartments for rent in Franklin County. Many of these rental apartments are income based housing with 449 apartments that set rent based on your income. In Franklin County, HUD housing programs support 123 rental assistance apartments through programs like Project-based Section 8. There are 116 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Franklin County

Housing Authority Programs
Franklin Housing Authority Public Housing; Section 8 Project-Based Voucher (PBV)
Tennessee Housing Development Agency Central Office Section 8 Housing Choice Voucher (HCV)
Tennessee Housing Development Agency South Central Tennessee Office Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Franklin County, Tennessee

Franklin County, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 11
Total Low Income Apartments 565
Total Rent Assisted Apartments 449
Percentage of Housing Units Occupied By Renters 26.06%
Average Renter Household Size 2.50
Total Population 41,138
Housing Units 16,302
Average Household Size 2.40
Median Household Income $42,773 ±$2,204
Median Rent $599 ±$54
Percentage Of Renters Overburdened 32.58% ± 5.27pp

Population and Household Demographics

Franklin County is a County in Tennessee with a population of 41,138. There are 16,302 households in the county with an average household size of 2.40 persons. 26.06% of households in Franklin County are renters.

Income and Rent Overburden in Franklin County

The median gross income for households in Franklin County is $42,773 a year, or $3,564 a month. The median rent for the county is $599 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 $1,997 a month would be considered overburdened when renting an apartment at or above the median rent. 32.58% 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 $55,100

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 $12,490 $16,910 $21,330 $25,750 $29,800 $32,000 $34,200 $36,400
50% of Median $19,300 $22,050 $24,800 $27,550 $29,800 $32,000 $34,200 $36,400
80% of Median $30,900 $35,300 $39,700 $44,100 $47,650 $51,200 $54,700 $58,250
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 1987 to 2005, 3 low income apartment communities containing 119 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 $19,300 $22,050 $24,800 $27,550 $29,800 $32,000 $34,200 $36,400
60% of Median $23,160 $26,460 $29,760 $33,060 $35,760 $38,400 $41,040 $43,680

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 $29,760 a year, or $2,480 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,480 by 30% to get a maximum rent of $744 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% $483 $517 $620 $717 $800 $883
60% $579 $620 $744 $860 $960 $1,059
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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$457 $468 $619 $895 $1,060

Cities In Franklin County

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

City Listings Served By
Winchester 3 The HUD funded Public Housing Agencies that serve Winchester are the Franklin Housing Authority, Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency South Central Tennessee Office.
Monteagle 3 The HUD funded Public Housing Agencies that serve Monteagle are the Franklin Housing Authority, Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency South Central Tennessee Office.
Decherd 2 The HUD funded Public Housing Agencies that serve Decherd are the Franklin Housing Authority, Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency South Central Tennessee Office.
Cowan 3 The HUD funded Public Housing Agencies that serve Cowan are the Franklin Housing Authority, Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency South Central Tennessee Office.
Estill Springs 0 The HUD funded Public Housing Agencies that serve Estill Springs are the Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency South Central Tennessee Office.
Huntland 0 The HUD funded Public Housing Agencies that serve Huntland are the Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency South Central Tennessee Office.
Sewanee 0 The HUD funded Public Housing Agencies that serve Sewanee are the Tennessee Housing Development Agency Central Office and Tennessee Housing Development Agency South Central Tennessee Office.