Affordable Housing In Bourbon County

14 Low Income Apartment Communities In Bourbon County

Millersburg Place Apartments

804 Main Street
Millersburg, KY
Call For Rent
2 BR
HCV Welcome

Thoroughbred Acres

1904 Lovers Ln
Paris, KY

Williamsburg Terrace Apartments

101 Williamsburg Ter
Paris, KY

Progressive Homes Apartments

428 Hanson St
Paris, KY

Rucker Village Apartments

201 Kelly Street
Paris, KY

Bourbon Trace Apartments, Phase I

1940 Cypress Street
Paris, KY

Bourbon Trace Apartments, Phase II

1940 Cypress Street
Paris, KY

Stoner Creek Village Apartments

3299 N Middletown Rd
Paris, KY

Kellie Lane

700 Sharon Ln
Paris, KY
HCV Welcome

Paris Pointe

100 Lilly Ln
Paris, KY
HCV Welcome

Housing Authorities that serve Bourbon County

Housing Authority Programs
Paris-Bourbon County Community Dev. Agency Section 8 Housing Choice Voucher (HCV)

Other Housing Authorities located in Bourbon County

Housing Authority Programs
Housing Authority of Paris Public Housing

Guide To Affordable Housing in Bourbon County, Kentucky

According to federal housing data and research, there are 14 low income housing apartment communities offering 509 affordable apartments for rent in Bourbon County, Kentucky. Bourbon County features 361 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 148 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Bourbon County.

Bourbon County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 14
Total Low Income Apartments 509
Total Housing Units with Rental Assistance 361
Percentage of Housing Units Occupied By Renters 38.15%
Average Renter Household Size 2.55
Average Household Size 2.51
Median Household Income $45,208 ±$2,863
Median Rent $690 ±$33
Percentage Of Renters Overburdened 40.02% ± 6.72pp
Total Population 20,013

Population and Household Demographics

Bourbon County is a County in Kentucky with a population of 20,013. There are 7,867 households in the county with an average household size of 2.51 persons. 38.15% of households in Bourbon County are renters.

Income and Rent Overburden in Bourbon County

The median gross income for households in Bourbon County is $45,208 a year, or $3,767 a month. The median rent for the county is $690 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Bourbon County, a household making less than $2,300 a month would be considered overburdened when renting an apartment at or above the median rent. 40.02% of households who rent are overburdened in Bourbon County.1

Area Median Income In Bourbon County

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.

In Bourbon County, HUD calculates the Area Median Income for a family of four as $74,500

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 Bourbon County

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 Bourbon County HUD Rental Assistance in Bourbon County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,650 $17,900 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,100 $29,800 $33,550 $37,250 $40,250 $43,250 $46,200 $49,200
80% of Median $41,750 $47,700 $53,650 $59,600 $64,400 $69,150 $73,950 $78,700
Low Income Housing Tax Credits in Bourbon County

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1995 to 2003, 4 low income apartment communities containing 110 rental apartments have been constructed and made affordable to low income persons in Bourbon County by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Bourbon County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $26,100 $29,800 $33,550 $37,250 $40,250 $43,250 $46,200 $49,200
60% of Median $31,320 $35,760 $40,260 $44,700 $48,300 $51,900 $55,440 $59,040

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Bourbon County is $40,260 a year, or $3,355 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,355 by 30% to get a maximum rent of $1,007 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $653 $699 $839 $969 $1,081 $1,193
60% $783 $839 $1,007 $1,163 $1,298 $1,431
Fair Market Rents in Bourbon County

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$597 $678 $858 $1,189 $1,496

Cities In Bourbon County

Select A City to View its Apartment Communities and Waiting Lists.

City Listings Served By
Paris 13 The HUD funded Public Housing Agencies that serve Paris are the Housing Authority of Paris and Paris-Bourbon County Community Dev. Agency.
Millersburg 1 The HUD funded Public Housing Agency that serves Millersburg is the Paris-Bourbon County Community Dev. Agency.
North Middletown 0