Affordable Housing In Florence
10 Low Income Apartment Communities In Florence
Housing Authorities that serve Florence
|Boone County Assisted Housing Department||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Florence, Kentucky
There are 10 low income housing apartment communities offering 745 affordable apartments for rent in Florence, Kentucky.
Income Based Apartments in Florence, Kentucky
Florence features 463 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 Florence, Kentucky
There are 282 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Florence.
Housing Choice Vouchers in Florence, Kentucky
On average, Section 8 Housing Choice vouchers pay Florence landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Florence.
The maximum amount a voucher would pay on behalf of a low-income tenant in Florence, Kentucky for a two-bedroom apartment is between $779 and $952.
2020 Florence, 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||$568||$658||$865||$1,185||$1,362|
|Payment Standard Range||$511 to $625||$592 to $724||$779 to $952||$1,067 to $1,304||$1,226 to $1,498|
Sourced from federal housing data and AffordableHousingOnline.com research.
Florence, KY Affordable Housing Snapshot
|Total Affordable Apartment Properties||10|
|Total Low Income Apartments||745|
|Total Housing Units with Rental Assistance||463|
|Percentage of Housing Units Occupied By Renters||48.72%|
|Average Renter Household Size||2.24|
|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 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|