New Franklin Sr Hsg Assn
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There are 0 low-income apartments in New Franklin that offer reduced rents to eligible households.
Rental assistance programs support 64 low-income homes in New Franklin 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 April 23rd, 2021. Subdsidized rents typically change once a year based on federal guidance.
New Franklin, Missouri Affordable Housing Data
Income Based Apartments in New Franklin, Missouri
New Franklin features 64 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 New Franklin, Missouri
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Franklin.
Housing Choice Vouchers in New Franklin, Missouri
On average, Section 8 Housing Choice vouchers pay New Franklin landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in New Franklin.
The maximum amount a voucher would pay on behalf of a low-income tenant in New Franklin, Missouri for a two-bedroom apartment is between $776 and $948.
2024 New Franklin, Missouri 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 | |
|---|---|---|---|---|---|
| New Franklin, Missouri Fair Market Rent | $584 | $656 | $862 | $1,042 | $1,348 |
| New Franklin, Missouri Payment Standard Range | $526 to $642 | $590 to $722 | $776 to $948 | $938 to $1,146 | $1,213 to $1,483 |
Sourced from federal housing data and AffordableHousingOnline.com research.
New Franklin, MO Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 64 |
| Total Housing Units with Rental Assistance | 64 |
| Percentage of Housing Units Occupied By Renters | 42.35% |
| Average Renter Household Size | 2.06 |
| Average Household Size | 2.32 |
| Median Household Income | $28,333 ±$6,643 |
| Median Rent | $434 ±$249 |
| Percentage Of Renters Overburdened | 25.55% ± 14.67pp |
| Total Population | 1,242 |
Population and Household Demographics
New Franklin is a city in Howard County, Missouri with a population of 1,242. There are 536 households in the city with an average household size of 2.32 persons. 42.35% of households in New Franklin are renters.
Income and Rent Overburden in New Franklin
The median gross income for households in New Franklin is $28,333 a year, or $2,361 a month. The median rent for the city is $434 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In New Franklin, a household making less than $1,447 a month would be considered overburdened when renting an apartment at or above the median rent. 25.55% of households who rent are overburdened in New Franklin.
Area Median Income In New Franklin
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 New Franklin, the AMI is calculated from all households within Howard County.
In New Franklin, HUD calculates the Area Median Income for a family of four as $80,800
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 New Franklin
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 New Franklin
| 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 New Franklin AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$16,000 | $19,720 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,200 |
| 50% AMI Income Limits Renters earning up to 50% of the New Franklin AMI may qualify for rental assistance programs that target Very Low Income households. |
$26,600 | $30,400 | $34,200 | $38,000 | $41,050 | $44,100 | $47,150 | $50,200 |
| 80% AMI Income Limits Renters earning up to 80% of the New Franklin AMI may qualify for rental assistance programs that target Low Income households. |
$42,600 | $48,650 | $54,750 | $60,800 | $65,700 | $70,550 | $75,400 | $80,300 |
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