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There are 0 low-income apartments in Franklin Grove that offer reduced rents to eligible households.
Rental assistance programs support 12 low-income homes in Franklin Grove where households pay rent based on how much they earn.
Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Franklin Grove, Illinois
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
| Housing Authority | Programs |
|---|---|
| Lee County Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
Franklin Grove, Illinois Affordable Housing Data
Income Based Apartments in Franklin Grove, Illinois
Franklin Grove features 12 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 Grove, Illinois
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin Grove.
Housing Choice Vouchers in Franklin Grove, Illinois
On average, Section 8 Housing Choice vouchers pay Franklin Grove landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Franklin Grove.
The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin Grove, Illinois for a two-bedroom apartment is between $726 and $888.
2024 Franklin Grove, Illinois 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 | |
|---|---|---|---|---|---|
| Franklin Grove, Illinois Fair Market Rent | $553 | $710 | $807 | $1,137 | $1,188 |
| Franklin Grove, Illinois Payment Standard Range | $498 to $608 | $639 to $781 | $726 to $888 | $1,023 to $1,251 | $1,069 to $1,307 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Franklin Grove, IL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 12 |
| Total Housing Units with Rental Assistance | 12 |
| Percentage of Housing Units Occupied By Renters | 17.27% |
| Average Renter Household Size | 2.07 |
| Average Household Size | 2.76 |
| Median Household Income | $53,214 ±$10,981 |
| Median Rent | $605 ±$105 |
| Percentage Of Renters Overburdened | 55.22% ± 19.68pp |
| Total Population | 1,185 |
Population and Household Demographics
Franklin Grove is a city in Lee County, Illinois with a population of 1,185. There are 388 households in the city with an average household size of 2.76 persons. 17.27% of households in Franklin Grove are renters.
Income and Rent Overburden in Franklin Grove
The median gross income for households in Franklin Grove is $53,214 a year, or $4,435 a month. The median rent for the city is $605 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Franklin Grove, a household making less than $2,017 a month would be considered overburdened when renting an apartment at or above the median rent. 55.22% of households who rent are overburdened in Franklin Grove.
Area Median Income In Franklin Grove
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 Grove, the AMI is calculated from all households within Lee County.
In Franklin Grove, HUD calculates the Area Median Income for a family of four as $92,000
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 Grove
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 Grove
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person | |
|---|---|---|---|---|---|---|---|---|
| 30% AMI Income Limits Renters earning up to 30% of the Franklin Grove AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$18,700 | $21,400 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Franklin Grove AMI may qualify for rental assistance programs that target Very Low Income households. |
$31,150 | $35,600 | $40,050 | $44,500 | $48,100 | $51,650 | $55,200 | $58,750 |
| 80% AMI Income Limits Renters earning up to 80% of the Franklin Grove AMI may qualify for rental assistance programs that target Low Income households. |
$49,850 | $57,000 | $64,100 | $71,200 | $76,900 | $82,600 | $88,300 | $94,000 |
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