Affordable Housing In Fayette County
Kentucky

80 Low Income Apartment Communities In Fayette County

Lexington Single Family Project

728 Chiles Ave
Lexington, KY
HCV Welcome

411 N Upper St

411 N Upper St
Lexington, KY
HCV Welcome

563 Georgetown St

563 Georgetown St
Lexington, KY

333 Wilson St

333 Wilson St
Lexington, KY

Bluegrass Apartments

506 Breckenridge St
Lexington, KY

Russell Cave Hope VI

1050 Russell Cave Rd
Lexington, KY
HCV Welcome

Bridlewood Apartments

660 Triple Crown Pkwy
Lexington, KY

Grand Oaks Apartments

708 Breckenridge St
Lexington, KY

Shropshire Apartments

616 Shropshire Ave
Lexington, KY
HCV Welcome

1218 Winburn Dr

1218 Winburn Dr
Lexington, KY
HCV Welcome

There are 80 low income housing apartment complexes which contain 5,460 affordable apartments for rent in Fayette County. Many of these rental apartments are income based housing with 3,625 apartments that set rent based on your income. In Fayette County, HUD housing programs support 1,873 rental assistance apartments through programs like Project-based Section 8. There are 1,781 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Fayette County

Housing Authority Programs
Lexington-Fayette Urban County Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing; Homeownership Voucher; Moving to Work

Guide To Affordable Housing in Fayette County, Kentucky

Fayette County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 80
Total Low Income Apartments 5,460
Total Rent Assisted Apartments 3,625
Percentage of Housing Units Occupied By Renters 45.77%
Average Renter Household Size 2.22
Total Population 308,306
Housing Units 125,752
Average Household Size 2.35
Median Household Income $49,778 ±$810
Median Rent $778 ±$11
Percentage Of Renters Overburdened 47.06% ± 1.58pp

Population and Household Demographics

Fayette County is a County in Kentucky with a population of 308,306. There are 125,752 households in the county with an average household size of 2.35 persons. 45.77% of households in Fayette County are renters.

Income and Rent Overburden in Fayette County

The median gross income for households in Fayette County is $49,778 a year, or $4,148 a month. The median rent for the county is $778 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fayette County, a household making less than $2,593 a month would be considered overburdened when renting an apartment at or above the median rent. 47.06% of households who rent are overburdened in Fayette County.1

Area Median Income In Fayette 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 Fayette 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 Fayette 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 Fayette County HUD Rental Assistance in Fayette 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 Fayette County

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

From 1991 to 2010, 31 low income apartment communities containing 1,838 rental apartments have been constructed and made affordable to low income persons in Fayette 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 Fayette County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
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 Fayette 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 Fayette 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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$617 $692 $883 $1,231 $1,551

Cities In Fayette County

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

City Listings Served By
Lexington 80 The HUD funded Public Housing Agency that serves Lexington is the Lexington-Fayette Urban County Housing Authority.