1205A South Street, Franklin, VA 23851
Waiting List Forecast: Likely Long or Closed for Rent Assisted units, and Likely Short or None for other affordable units
Verified for 2024 by Connor Bailey| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | 1 - 2 Beds | 1 Bath | 582 - 734 Sq Ft |
Since this property is a USDA 515 and LIHTC property that might have rental assistance for some or all units, there might be seperate or split waiting lists for rental assistance and non-rental assistance units. In this case, the rental assistance waiting list can be much longer than properties without rental assistance. The non-rental assistance units waiting list is likely much shorter or it may not have a waiting list at all. 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.
Welcome to Franklin South, your new homes in Franklin Virginia! At Franklin South you can keep active year round whether walking along the Blackwater River in spring, swimming laps at the Franklin Municipal pool in the summer, autumnal walks along the Franklin Historic District or utilizing you fully equipped fitness center! Enjoy social gathering indoors in your community lounge and outdoors in the community courtyard with playground.
Because it participates in the USDA Section 515 Rural Rental Housing program, Franklin South is likely located in a rural community and may be one of only a few rental housing choices in the area. To qualify for residency in a Section 515 property, you must earn 80% or less of Area Median Income (AMI). However, this property also participates in the LIHTC program. 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. Since this property also participates in USDA's Section 521 Rental Assistance program, residents who earn 50% of the AMI or less may qualify for a subsidy that limits your rent payment to 30% of your income. The Section 521 subsidy may be attached to all or just some of the units. Since this property has benefited from the LIHTC program, it is likely to be in better condition and offer more amenities than other Section 515 properties. These properties are almost always owned and managed by private/corporate owners or nonprofits. If you live in a rural area and need help paying your rent, this property may be good for you.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| One Bedroom (1/1) | 582ft2 | Call for Price† |
| Two Bedroom (2/1) | 734ft2 | Call for Price† |
| AMI* | 1 person | 2 people | 3 people | 4 people |
|---|---|---|---|---|
| 30% AMI for PBRA Units | $16,450 / year | $19,720 / year | $24,860 / year | $30,000 / year |
| 50% AMI for LIHTC Units | $27,350 / year | $31,250 / year | $35,150 / year | $39,050 / year |
| 50% AMI for PBRA Units | $27,350 / year | $31,250 / year | $35,150 / year | $39,050 / year |
| 60% AMI for LIHTC Units | $32,820 / year | $37,500 / year | $42,180 / year | $46,860 / year |
| 80% AMI for PBRA Units | $43,750 / year | $50,000 / year | $56,250 / year | $62,500 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Franklin South have a waiting list?
Franklin South 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 South?
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.
What property management company manges Franklin South?
Franklin South is managed by TM Associates Management, Inc headquartered in Rockville, Maryland.
In addition to Franklin South, how many other affordable housing properties (and units) are there in Franklin?
In addition to Franklin South, we list 9 other affordable properties in Franklin. Learn about these properties here. Our data research shows that there are a total of 315 affordable units in Franklin.
When was the Franklin South listing last updated?
Franklin South listing on Affordable Housing Online was last updated on 03/15/2024 by Connor Bailey. Remember, a property's status can change so you should contact the property to confirm.
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