Clinton Terrace

107 W Water Street
Albany, Kentucky
Call For Rent
1 BR
Rent Assisted

Albany Commons II

190 Albany Commons St.
Albany, Kentucky
Rent Assisted

Foothills Subdivision

McWhorter RD
Albany, Kentucky

Albany Single Family Project

ROUTE 1, BOX 1034
Albany, Kentucky

Hidden Acres Subdivision

PO Box 15
Albany, Kentucky

Albany Manor Associates

RR 5
Albany, Kentucky
Rent Assisted

Westbrook Homes

400 Burkesville Rd
Albany, Kentucky

Albany Center Apartments

308 E Clear St
Albany, Kentucky
Rent Assisted

The Pines at Cumberland Apartments

306 E Cumberland St
Albany, Kentucky

Golden Harvest Village

200 E Cumberland St
Albany, Kentucky
Rent Assisted

There are 116 low-income apartments in Albany that offer reduced rents to eligible households.

Rental assistance programs support 199 low-income homes in Albany where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.

Showing Results 1-10

Affordable rent data for some communities last confirmed on February 11th, 2020. Subdsidized rents typically change once a year based on federal guidance.

Public Housing Agencies Serving Albany, Kentucky

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
Housing Authority of Albany Public Housing
Go to the Kentucky Public Housing and Low-Income Apartments Waiting Lists page for openings near Albany.

Albany, Kentucky Affordable Housing Data

Income Based Apartments in Albany, Kentucky

Albany features 199 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 Albany, Kentucky

There are 116 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Albany.

Housing Choice Vouchers in Albany, Kentucky

On average, Section 8 Housing Choice vouchers pay Albany landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Albany.

The maximum amount a voucher would pay on behalf of a low-income tenant in Albany, Kentucky for a two-bedroom apartment is between $668 and $816.

2023 Albany, Kentucky 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
Albany, Kentucky Fair Market Rent $538 $624 $742 $903 $999
Albany, Kentucky Payment Standard Range $484 to $592 $562 to $686 $668 to $816 $813 to $993 $899 to $1,099

Sourced from federal housing data and research.

Albany, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 11
Total Low Income Apartments 315
Total Housing Units with Rental Assistance 199
Percentage of Housing Units Occupied By Renters 44.69%
Average Renter Household Size 2.10
Average Household Size 2.18
Median Household Income $19,238 ±$3,897
Median Rent $417 ±$24
Percentage Of Renters Overburdened 29.23% ± 11.53pp
Total Population 1,874

Population and Household Demographics

Albany is a city in Clinton County, Kentucky with a population of 1,874. There are 819 households in the city with an average household size of 2.18 persons. 44.69% of households in Albany are renters.

Income and Rent Overburden in Albany

The median gross income for households in Albany is $19,238 a year, or $1,603 a month. The median rent for the city is $417 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Albany, a household making less than $1,390 a month would be considered overburdened when renting an apartment at or above the median rent. 29.23% of households who rent are overburdened in Albany.

Area Median Income In Albany

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 Albany, the AMI is calculated from all households within Clinton County.

In Albany, HUD calculates the Area Median Income for a family of four as $49,300

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 Albany

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 Albany

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 Albany AMI may qualify for rental assistance programs that target Extremely Low Income households.
$14,580 $19,720 $24,860 $30,000 $34,700 $37,250 $39,850 $42,400
50% AMI Income Limits
Renters earning up to 50% of the Albany AMI may qualify for rental assistance programs that target Very Low Income households.
$22,500 $25,700 $28,900 $32,100 $34,700 $37,250 $39,850 $42,400
80% AMI Income Limits
Renters earning up to 80% of the Albany AMI may qualify for rental assistance programs that target Low Income households.
$35,950 $41,100 $46,250 $51,350 $55,500 $59,600 $63,700 $67,800