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There are 0 low-income apartments in Folsom that offer reduced rents to eligible households.
Rental assistance programs support 12 low-income homes in Folsom where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.
Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Folsom, Louisiana Affordable Housing Data
Income Based Apartments in Folsom, Louisiana
Folsom 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 Folsom, Louisiana
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Folsom.
Housing Choice Vouchers in Folsom, Louisiana
On average, Section 8 Housing Choice vouchers pay Folsom landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Folsom.
The maximum amount a voucher would pay on behalf of a low-income tenant in Folsom, Louisiana for a two-bedroom apartment is between $1,226 and $1,498.
2024 Folsom, Louisiana 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 | |
|---|---|---|---|---|---|
| Folsom, Louisiana Fair Market Rent | $986 | $1,149 | $1,362 | $1,750 | $2,039 |
| Folsom, Louisiana Payment Standard Range | $887 to $1,085 | $1,034 to $1,264 | $1,226 to $1,498 | $1,575 to $1,925 | $1,835 to $2,243 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Folsom, LA 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 | 29.63% |
| Average Renter Household Size | 2.59 |
| Average Household Size | 2.58 |
| Median Household Income | $43,750 ±$12,400 |
| Median Rent | $0 ±$0 |
| Percentage Of Renters Overburdened | 47.5% ± 24.12pp |
| Total Population | 697 |
Population and Household Demographics
Folsom is a city in St Tammany Parish, Louisiana with a population of 697. There are 270 households in the city with an average household size of 2.58 persons. 29.63% of households in Folsom are renters.
Income and Rent Overburden in Folsom
The median gross income for households in Folsom is $43,750 a year, or $3,646 a month. The median rent for the city is $0 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Folsom, a household making less than $0 a month would be considered overburdened when renting an apartment at or above the median rent. 47.5% of households who rent are overburdened in Folsom.
Area Median Income In Folsom
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 Folsom, the AMI is calculated from all households within St Tammany Parish.
In Folsom, HUD calculates the Area Median Income for a family of four as $0
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 Folsom
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.
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