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Affordable Housing In Fancy Farm
Graves County, Kentucky

4 Low Income Apartment Communities In Fancy Farm

Villa Madonna South Apartments

85 Father Riney Rd
Fancy Farm, Kentucky
Elderly Supportive Housing

Villa Madonna West Apartments

36 Father Riney Rd
Fancy Farm, Kentucky
Elderly Supportive Housing

Villa Madonna East

48 Father Riney Rd
Fancy Farm, Kentucky

Christopher Home

10093 State Route 80 W
Fancy Farm, Kentucky
Disabled Supportive Housing
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Guide To Affordable Housing in Fancy Farm, Kentucky

There are 4 low income housing apartment communities offering 40 affordable apartments for rent in Fancy Farm, Kentucky.

Income Based Apartments in Fancy Farm, Kentucky

Fancy Farm features 28 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 12 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 $568 and $694.

2020 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
Fair Market Rent $448 $479 $631 $845 $855
Payment Standard Range $403 to $493 $431 to $527 $568 to $694 $761 to $930 $770 to $941

Sourced from federal housing data and research.

Fancy Farm, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 4
Total Low Income Apartments 40
Total Housing Units with Rental Assistance 28
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.1

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 $56,100

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

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 $30,170 $32,550 $34,800 $37,050
50% of Median $19,650 $22,450 $25,250 $28,050 $30,300 $32,550 $34,800 $37,050
80% of Median $31,450 $35,950 $40,450 $44,900 $48,500 $52,100 $55,700 $59,300