About This Property
Franklin Cove II is a 64-unit affordable housing community in Indianapolis serving low-income families. The property offers a mix of one-, two-, and three-bedroom units, with 16 units of each size available for one-bedroom and three-bedroom configurations and 32 two-bedroom units. Placed in service in 2014, the community is funded through tax-exempt bonds and utilizes 4% Low-Income Housing Tax Credit financing.
Waitlist Information
Waitlist managed by Indianapolis Housing Agency
Online pre-applications are accepted for open waiting lists including Elderly Disabled Public Housing- Subsidized and Family Public Housing-Subsidized. Rent is income-based, and income limits apply. Eligibility includes meeting HUD citizenship/immigration status, applicant selection criteria, student status criteria, criminal activity screening, and acceptable prior rental history. Applicants with disabilities needing assistance or without computer access can call 317.261.7299.
The Section 8 waiting list is closed. Applications from the 2016 Lottery opening are currently being processed. Future waitlist openings will be publicly announced.
Waitlist data provided by section8waitlist.org
Updated May 9, 2026
Property Details
Fair Market Rent - Marion County, IN
FMR represents the estimated amount needed to cover rent and utilities for a moderately-priced unit in this area.
| Bedrooms | FMR |
|---|---|
| Studio/Efficiency | $982 |
| 1 Bedroom | $1,145 |
| 2 Bedroom | $1,349 |
| 3 Bedroom | $1,758 |
| 4 Bedroom | $2,126 |
Income Limits - Marion County, IN
Annual income limits by household size used to determine eligibility for affordable housing programs.
- Extremely Low (30%)
- $17,150
- Very Low (50%)
- $28,600
- Low (80%)
- $45,750
- Extremely Low (30%)
- $19,600
- Very Low (50%)
- $32,650
- Low (80%)
- $52,250
- Extremely Low (30%)
- $22,050
- Very Low (50%)
- $36,750
- Low (80%)
- $58,800
- Extremely Low (30%)
- $26,500
- Very Low (50%)
- $40,800
- Low (80%)
- $65,300
- Extremely Low (30%)
- $31,040
- Very Low (50%)
- $44,100
- Low (80%)
- $70,550
- Extremely Low (30%)
- $35,580
- Very Low (50%)
- $47,350
- Low (80%)
- $75,750
- Extremely Low (30%)
- $40,120
- Very Low (50%)
- $50,600
- Low (80%)
- $81,000
- Extremely Low (30%)
- $44,660
- Very Low (50%)
- $53,900
- Low (80%)
- $86,200
| Household | Extremely Low (30%) | Very Low (50%) | Low (80%) |
|---|---|---|---|
| 1 Person | $17,150 | $28,600 | $45,750 |
| 2 Persons | $19,600 | $32,650 | $52,250 |
| 3 Persons | $22,050 | $36,750 | $58,800 |
| 4 Persons | $26,500 | $40,800 | $65,300 |
| 5 Persons | $31,040 | $44,100 | $70,550 |
| 6 Persons | $35,580 | $47,350 | $75,750 |
| 7 Persons | $40,120 | $50,600 | $81,000 |
| 8 Persons | $44,660 | $53,900 | $86,200 |
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Tax Credit Program Details
Frequently Asked Questions
What is the average rent for affordable housing in Indianapolis, IN?+
The Fair Market Rent (FMR) for Marion County, IN is: $982 (Studio), $1145 (1BR), $1349 (2BR), $1758 (3BR), $2126 (4BR). Actual rent at subsidized properties like Franklin Cove Ii is typically 30% of household income or less.
What size apartments are available at Franklin Cove Ii?+
Franklin Cove Ii offers the following unit types: 16 One-Bedroom, 32 Two-Bedroom, 16 Three-Bedroom units, for a total of 64 units.
What is the price range for apartments in Indianapolis, IN?+
Based on Fair Market Rent for Marion County, the estimated price range is: 1-bedroom: $1145, 2-bedroom: $1349, 3-bedroom: $1758. Actual rent at Franklin Cove Ii may be lower for income-eligible households.
Who is eligible to live at Franklin Cove Ii?+
Franklin Cove Ii primarily serves families. All applicants must also meet income eligibility requirements for the area. Contact the property for specific eligibility criteria.
Who manages Franklin Cove Ii?+
Franklin Cove Ii is managed by . You can reach them at . Visit their website for more information.
Is there a waitlist for Franklin Cove Ii?+
Public Housing waitlist is currently Open. Section 8 (HCV) waitlist is currently Closed. Waitlist status can change frequently, so check back regularly or contact the housing authority directly for the most up-to-date information.
What are the income limits for affordable housing in Marion County, IN?+
For a 4-person household in Marion County, IN, the income limits are: Extremely Low Income (30% AMI): $26,500, Very Low Income (50% AMI): $40,800, Low Income (80% AMI): $65,300. These limits are set by HUD and updated annually.
How do I apply for housing at Franklin Cove Ii?+
Franklin Cove Ii is a Low-Income Housing Tax Credit (LIHTC) property. To apply, you can start by calling , or visiting their website, or contacting the property management office. Contact the property to learn about availability and application requirements. Eligibility is based on income limits set for the area.
Contact Information
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