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There are 125 low-income apartments in Franklin Parish that offer reduced rents to eligible households.
Rental assistance programs support 289 low-income homes in Franklin Parish where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $331 towards rent each month.
Affordable rent data for some communities last confirmed on March 13th, 2023. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Franklin Parish, Louisiana
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 |
|---|---|
| Franklin Parish Police Jury | Section 8 Housing Choice Voucher (HCV) |
Franklin Parish, Louisiana Affordable Housing Data
Income Based Apartments in Franklin Parish, Louisiana
Franklin Parish features 289 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 Parish, Louisiana
There are 125 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin Parish.
Housing Choice Vouchers in Franklin Parish, Louisiana
On average, Section 8 Housing Choice vouchers pay Franklin Parish landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Franklin Parish.
The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin Parish, Louisiana for a two-bedroom apartment is between $740 and $904.
2024 Franklin Parish, 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 | |
|---|---|---|---|---|---|
| Franklin Parish, Louisiana Fair Market Rent | $615 | $702 | $822 | $1,045 | $1,095 |
| Franklin Parish, Louisiana Payment Standard Range | $554 to $677 | $632 to $772 | $740 to $904 | $941 to $1,150 | $986 to $1,205 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Franklin Parish, LA Affordable Housing Snapshot
| Total Affordable Apartment Properties | 9 |
|---|---|
| Total Low Income Apartments | 414 |
| Total Housing Units with Rental Assistance | 289 |
| Percentage of Housing Units Occupied By Renters | 29.6% |
| Average Renter Household Size | 2.67 |
| Average Household Size | 2.54 |
| Median Household Income | $30,275 ±$3,181 |
| Median Rent | $496 ±$45 |
| Percentage Of Renters Overburdened | 36.77% ± 6.44pp |
| Total Population | 20,550 |
Population and Household Demographics
Franklin Parish is a county in Louisiana with a population of 20,550. There are 7,469 households in the county with an average household size of 2.54 persons. 29.6% of households in Franklin Parish are renters.
Income and Rent Overburden in Franklin Parish
The median gross income for households in Franklin Parish is $30,275 a year, or $2,523 a month. The median rent for the county is $496 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Franklin Parish, a household making less than $1,653 a month would be considered overburdened when renting an apartment at or above the median rent. 36.77% of households who rent are overburdened in Franklin Parish.
Area Median Income In Franklin Parish
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 Parish, HUD calculates the Area Median Income for a family of four as $55,200
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 Parish
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 Parish
| 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 Parish AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$14,580 | $19,720 | $24,860 | $28,650 | $30,950 | $33,250 | $35,550 | $37,850 |
| 50% AMI Income Limits Renters earning up to 50% of the Franklin Parish AMI may qualify for rental assistance programs that target Very Low Income households. |
$20,100 | $22,950 | $25,800 | $28,650 | $30,950 | $33,250 | $35,550 | $37,850 |
| 80% AMI Income Limits Renters earning up to 80% of the Franklin Parish AMI may qualify for rental assistance programs that target Low Income households. |
$32,100 | $36,700 | $41,300 | $45,850 | $49,550 | $53,200 | $56,900 | $60,550 |
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