Affordable Qualifications
Affordable Living Through the Housing Tax Credit Program
The Lifestyle You Deserve at a Price You Can Afford
Franklin Group is proud to offer quality apartment homes through the Housing Tax Credit Program, designed to provide affordable housing opportunities for individuals and families with moderate incomes.
This program offers rental rates that are below current market rents, helping qualified residents enjoy comfortable, well-maintained homes while keeping housing costs affordable. Unlike subsidized housing programs, residents are responsible for paying their full monthly rent, with no rental assistance required.
Eligibility is based on household income limits established for the area. To qualify, your household’s total gross annual income must fall below the maximum income limits set for the community.
Rental rates are determined by federally established income guidelines for the area rather than an individual household’s income. As a result, your rent remains consistent throughout the term of your lease, providing predictable housing costs and peace of mind.
MINIMUM INCOME BY UNIT TYPE
| AMI Level | 1 Bedroom | 2 Bedroom | 3 Bedroom |
|---|---|---|---|
| 30% | $19,128 | $22,824 | $26,184 |
| 40% | $33,240 | $39,690 | $45,630 |
| 50% | $33,888 | $40,536 | $46,656 |
| 60% LIHTC | $41,280 | $49,392 | $56,880 |
| 70% | $48,720 | $58,320 | $67,176 |
Maximum Income By Household Size
| AMI Level | HH Size 1 | HH Size 2 | HH Size 3 | HH Size 4 | HH Size 5 | HH Size 6 |
|---|---|---|---|---|---|---|
| 30% LIHTC | $34,440 | $39,360 | $44,280 | $49,170 | $53,130 | $57,060 |
| 40% PBS8 | $45,920 | $52,480 | $59,040 | $65,560 | $70,840 | $76,080 |
| 50% LIHTC | $57,400 | $65,600 | $73,800 | $81,950 | $88,550 | $95,100 |
| 60% LIHTC | $68,880 | $78,720 | $88,560 | $98,340 | $106,260 | $114,120 |
| 70% | $80,360 | $91,840 | $103,320 | $114,730 | $123,970 | $133,140 |
Please Note: Fairfax Crest accepts Section 8 Housing Choice Vouchers and other forms of rental assistance programs. Income limits and rental rates are subject to annual review and adjustment based on updated guidelines published by the U.S. Department of Housing and Urban Development (HUD). Any changes apply when new limits are released and may affect future lease terms.
At Franklin Group, we’re committed to providing exceptional apartment living and creating communities where residents can thrive while enjoying affordable, quality housing.
