Affordable Housing In Clay City
Webster County, Kentucky

2 Low Income Apartment Communities In Clay City

Vernon Manor

100 Wells Ave
Clay City, KY
Subsidized

Clay City Westwood

30 1st Ave
Clay City, KY
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There are 2 low income housing apartment complexes which contain 56 affordable apartments for rent in Clay City. Many of these rental apartments are income based housing with 32 apartments that set rent based on your income. In Clay City, HUD housing programs support 32 rental assistance apartments through programs like Project-based Section 8. There are 24 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Clay City

Housing Authority Programs
Kentucky Housing Corporation Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Clay City, Kentucky

Clay City, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 56
Total Rent Assisted Apartments 32
Percentage of Housing Units Occupied By Renters 33.92%
Average Renter Household Size 2.60
Total Population 1,048
Housing Units 451
Average Household Size 2.32
Median Household Income $41,199 ±$2,306
Median Rent $623 ±$153
Percentage Of Renters Overburdened 33.33% ± 17.17pp

Population and Household Demographics

Clay City is a City in Webster County, Kentucky with a population of 1,048. There are 451 households in the city with an average household size of 2.32 persons. 33.92% of households in Clay City are renters.

Income and Rent Overburden in Clay City

The median gross income for households in Clay City is $41,199 a year, or $3,433 a month. The median rent for the city is $623 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Clay City, a household making less than $2,077 a month would be considered overburdened when renting an apartment at or above the median rent. 33.33% of households who rent are overburdened in Clay City.1

Area Median Income In Clay City

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 Clay City, the AMI is calculated from all households within Webster County.

In Clay City, HUD calculates the Area Median Income for a family of four as $54,000

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 Clay City

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 Clay City HUD Rental Assistance in Clay City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,490 $16,910 $21,330 $25,750 $29,200 $31,350 $33,500 $35,650
50% of Median $18,900 $21,600 $24,300 $27,000 $29,200 $31,350 $33,500 $35,650
80% of Median $30,250 $34,600 $38,900 $43,200 $46,700 $50,150 $53,600 $57,050
Low Income Housing Tax Credits in Clay City

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

From 1994 to 1994, 1 low income apartment communities containing 24 rental apartments have been constructed and made affordable to low income persons in Clay City 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 Clay City

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $18,900 $21,600 $24,300 $27,000 $29,200 $31,350 $33,500 $35,650
60% of Median $22,680 $25,920 $29,160 $32,400 $35,040 $37,620 $40,200 $42,780

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 Clay City is $29,160 a year, or $2,430 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,430 by 30% to get a maximum rent of $729 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% $473 $506 $608 $703 $784 $864
60% $567 $608 $729 $843 $941 $1,037
Fair Market Rents in Clay City

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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$443 $518 $618 $892 $914