Franklin Cove Apartments

Eligibility for Franklin Cove Apartments

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in a HUD rental assistance program in Franklin but actual income limits may differ for units at Franklin Cove Apartments.

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Franklin but actual income limits may differ for units at Franklin Cove Apartments.

Franklin Cove Apartments Details

• 108 one and two bedroom units.
• Section 8 Project-Based Rental Assistance (PBRA)
• Low-Income Housing Tax Credit (LIHTC)
• FHA Mortgage Insurance/subsidy
• Section 221 (d) (3)

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Section 8 Project-Based Rental Assistance (PBRA)

Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this community are based on tenant incomes. Tenants leasing units participating in the Section 8 Project-Based Rental Assistance program typically contribute less than 30% of their adjusted income towards rental costs.

Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.

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