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USDA rental housing in Franklin County, FL

4 properties in Franklin County have USDA Section 515 or 514 financing: 121 apartments across 3 towns. 119 of those units carry USDA rental assistance, which ties what an eligible tenant pays to income.

4properties
121apartments
119rental assistance units
5vacant units reported

Equal housing opportunity. Properties financed by USDA Rural Development must follow the Fair Housing Act, which bars discrimination because of race, color, religion, sex, disability, familial status or national origin. If you believe you were treated unfairly, you can file a complaint with HUD at 1-800-669-9777 or with USDA at 866-632-9992.

Open Country does not own, manage or rent these properties and does not take applications. Contact each property's management company for availability, rents and eligibility. Listings come from USDA's public data and may be out of date.

Heritage Villas Of Apalachicola Ltd

398 24th Avenue, Apalachicola, FL 32320

Family · 4 1BR, 14 2BR, 5 3BR

Managed by Royal American Management, INC

Units
23
Rental assistance
22
Vacant
0
Accessible
2
Opened
1992

Southern Villas Of Apalachicola

401 24th Avenue, Apalachicola, FL 32320

Family · 9 1BR, 22 2BR, 5 3BR

Managed by Royal American Management, INC

Units
36
Rental assistance
35
Vacant
0
Accessible
1
Opened
1983

Carrabelle Cove Apt

807 Gray Avenue, Apt. 33, Carrabelle, FL 32322

Family · 4 1BR, 24 2BR, 4 3BR

Managed by Hallmark Management, INC

Units
32
Rental assistance
32
Vacant
5
Accessible
2
Opened
1992

Eastpoint Apts Rrh

45 Begonia St, Eastpoint, FL 32328

Family · 8 1BR, 16 2BR, 6 3BR

Managed by Royal American Management, INC

Units
30
Rental assistance
30
Vacant
0
Accessible
2
Opened
1993

Source: USDA Rural Development, Section 515/514 active properties file (data as of October 19, 2026). Vacancies are as USDA last recorded them, not live availability.

Who can rent here

USDA-financed apartments are for very low, low and moderate income households (7 CFR 3560.152), and elderly and congregate properties also require a household that meets USDA's definition of elderly. In a unit with USDA rental assistance, the tenant pays the highest of 30% of monthly adjusted income, 10% of gross monthly income or a welfare shelter allowance, and the assistance covers the rest of the rent (7 CFR 3560.203). Each property's manager checks income against USDA's limits for the area when you apply and can tell you whether a unit with rental assistance is open.

For owners and buyers

All 4 are limited-profit. 3 also have housing tax credits. Owners of aging 515 properties can use a Section 538 guaranteed loan to finance a transfer and rehab, at USDA's lower 60 and 25 basis point preservation fees. How 515 transfers work with 538.

Watch a property for maturity or prepayment

Pick a Franklin County property. We'll email when USDA's monthly file shows its use-restriction date, rental assistance, unit count or ownership type change, or when it drops out of the active portfolio, which is what happens when the loan is prepaid or paid off.

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Every property in one file: 515/514 portfolio download (CSV and JSON).