; Low Income Apartments For Rent in Fancy Farm, KY

Villa Madonna East

48 Father Riney Rd
Fancy Farm, Kentucky
Rent Assisted

Villa Madonna South Apartments

85 Father Riney Rd
Fancy Farm, Kentucky
S. 202

Villa Madonna West Apartments

36 Father Riney Rd
Fancy Farm, Kentucky
S. 202

Christopher Home

10093 State Route 80 W
Fancy Farm, Kentucky
S. 811 Supportive
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There are 0 low-income apartments in Fancy Farm that offer reduced rents to eligible households.

Rental assistance programs support 40 low-income homes in Fancy Farm 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.

Affordable rent data for some communities last confirmed on October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.

Fancy Farm, Kentucky Affordable Housing Data

Income Based Apartments in Fancy Farm, Kentucky

Fancy Farm features 40 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 Fancy Farm, Kentucky

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fancy Farm.

Housing Choice Vouchers in Fancy Farm, Kentucky

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

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

2023 Fancy Farm, 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
Fancy Farm, Kentucky Fair Market Rent $538 $564 $742 $1,043 $1,130
Fancy Farm, Kentucky Payment Standard Range $484 to $592 $508 to $620 $668 to $816 $939 to $1,147 $1,017 to $1,243

Sourced from federal housing data and AffordableHousingOnline.com research.

Fancy Farm, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 4
Total Low Income Apartments 40
Total Housing Units with Rental Assistance 40
Percentage of Housing Units Occupied By Renters 16.59%
Average Renter Household Size 1.14
Average Household Size 2.78
Median Household Income $40,781 ±$29,028
Median Rent $265 ±$39
Percentage Of Renters Overburdened 14.29% ± 57.62pp
Total Population 593

Population and Household Demographics

Fancy Farm is a city in Graves County, Kentucky with a population of 593. There are 211 households in the city with an average household size of 2.78 persons. 16.59% of households in Fancy Farm are renters.

Income and Rent Overburden in Fancy Farm

The median gross income for households in Fancy Farm is $40,781 a year, or $3,398 a month. The median rent for the city is $265 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fancy Farm, a household making less than $883 a month would be considered overburdened when renting an apartment at or above the median rent. 14.29% of households who rent are overburdened in Fancy Farm.

Area Median Income In Fancy Farm

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 Fancy Farm, the AMI is calculated from all households within Graves County.

In Fancy Farm, HUD calculates the Area Median Income for a family of four as $69,300

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 Fancy Farm

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 Fancy Farm

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 Fancy Farm AMI may qualify for rental assistance programs that target Extremely Low Income households.
$14,600 $19,720 $24,860 $30,000 $35,140 $40,200 $43,000 $45,750
50% AMI Income Limits
Renters earning up to 50% of the Fancy Farm AMI may qualify for rental assistance programs that target Very Low Income households.
$24,300 $27,750 $31,200 $34,650 $37,450 $40,200 $43,000 $45,750
80% AMI Income Limits
Renters earning up to 80% of the Fancy Farm AMI may qualify for rental assistance programs that target Low Income households.
$38,850 $44,400 $49,950 $55,450 $59,900 $64,350 $68,800 $73,200