Affordable Housing In Florence
Boone County, Kentucky

10 Low Income Apartment Communities In Florence

Aldersgate Apartments

8551 Aldersgate Drive
Florence, KY
62+
Accessible
Elderly Supportive Housing
Subsidized

Arcadia Park Apartments I and II

100 Christian Dr
Florence, KY
62+
Accessible
Elderly Supportive Housing
Subsidized

Dixie Apartments

7825 Riehl Dr
Florence, KY
Subsidized

Arcadia Park Apartments III

300 Christian Dr
Florence, KY
62+
Accessible
Elderly Supportive Housing
Subsidized

Voa Orv Morningside Drive

6742 Hopeful Rd
Florence, KY
Accessible
Disabled Supportive Housing
Subsidized

Voa Orv - Hopeful Road, Inc

6772 Hopeful Rd
Florence, KY
62+
Accessible
Elderly Supportive Housing
Subsidized

Panorama Plus Apartments

8510 Old Toll Rd
Florence, KY
HCV Welcome

Greens of Turfway Townhomes

6058 Celtic Ash Ave
Florence, KY
HCV Welcome

Brighton Recovery Center

Weaver Rd
Florence, KY
HCV Welcome

Wynnbrook Pines ( Wildewood Apartments )

Wynnbrook DR
Florence, KY
HCV Welcome
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There are 10 low income housing apartment complexes which contain 745 affordable apartments for rent in Florence. Many of these rental apartments are income based housing with 463 apartments that set rent based on your income. In Florence, HUD housing programs support 101 rental assistance apartments through programs like Project-based Section 8. There are 282 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Florence

Housing Authority Programs
Boone County Assisted Housing Department Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Florence, Kentucky

Florence, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 10
Total Low Income Apartments 745
Total Rent Assisted Apartments 463
Percentage of Housing Units Occupied By Renters 48.72%
Average Renter Household Size 2.24
Total Population 31,428
Housing Units 12,877
Average Household Size 2.42
Median Household Income $52,053 ±$2,719
Median Rent $849 ±$41
Percentage Of Renters Overburdened 40.42% ± 6.42pp

Population and Household Demographics

Florence is a City in Boone County, Kentucky with a population of 31,428. There are 12,877 households in the city with an average household size of 2.42 persons. 48.72% of households in Florence are renters.

Income and Rent Overburden in Florence

The median gross income for households in Florence is $52,053 a year, or $4,338 a month. The median rent for the city is $849 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Florence, a household making less than $2,830 a month would be considered overburdened when renting an apartment at or above the median rent. 40.42% of households who rent are overburdened in Florence.1

Area Median Income In Florence

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 Florence, the AMI is calculated from all households within Boone County.

In Florence, HUD calculates the Area Median Income for a family of four as $81,300

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 Florence

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 Florence HUD Rental Assistance in Florence

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $17,100 $19,550 $22,000 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $28,500 $32,550 $36,600 $40,650 $43,950 $47,200 $50,450 $53,700
80% of Median $45,550 $52,050 $58,550 $65,050 $70,300 $75,500 $80,700 $85,900
Low Income Housing Tax Credits in Florence

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

From 1992 to 2011, 5 low income apartment communities containing 497 rental apartments have been constructed and made affordable to low income persons in Florence 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 Florence

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $28,500 $32,550 $36,600 $40,650 $43,950 $47,200 $50,450 $53,700
60% of Median $34,200 $39,060 $43,920 $48,780 $52,740 $56,640 $60,540 $64,440

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 Florence is $43,920 a year, or $3,660 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,660 by 30% to get a maximum rent of $1,098 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% $713 $763 $915 $1,058 $1,180 $1,302
60% $855 $916 $1,098 $1,269 $1,416 $1,562
Fair Market Rents in Florence

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
$584 $670 $884 $1,223 $1,414