Affordable Housing In Floyd County
Kentucky

7 Low Income Apartment Communities In Floyd County

Cliffside Apartments

30 Cliffside Cir
Prestonsburg, KY
Subsidized

Highland Heights

1 Goble Roberts Add
Prestonsburg, KY
Subsidized

Highland Terrace

34 Mays Br
Prestonsburg, KY
62+
Accessible
Elderly Supportive Housing
Subsidized

Park Place Apartments

5528 KY Route 114
Prestonsburg, KY
HCV Welcome

Dixie

102 Mays Br
Prestonsburg, KY

Grigsby Heights

120 Raymond Griffith Dr
Martin, KY

Grigsby Heights II

184 Raymond Griffith Dr
Martin, KY
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There are 7 low income housing apartment complexes which contain 565 affordable apartments for rent in Floyd County. Many of these rental apartments are income based housing with 533 apartments that set rent based on your income. In Floyd County, HUD housing programs support 169 rental assistance apartments through programs like Project-based Section 8. There are 32 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Floyd County

Housing Authority Programs
Housing Authority of Floyd County Section 8 Housing Choice Voucher (HCV); Public Housing

Other Housing Authorities located in Floyd County

Housing Authority Programs
Housing Authority of Prestonsburg Section 8 Housing Choice Voucher (HCV); Public Housing
Housing Authority of Martin Public Housing

Guide To Affordable Housing in Floyd County, Kentucky

Floyd County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 565
Total Rent Assisted Apartments 533
Percentage of Housing Units Occupied By Renters 30.25%
Average Renter Household Size 2.38
Total Population 38,649
Housing Units 15,418
Average Household Size 2.45
Median Household Income $30,096 ±$2,551
Median Rent $543 ±$27
Percentage Of Renters Overburdened 39.22% ± 6.06pp

Population and Household Demographics

Floyd County is a County in Kentucky with a population of 38,649. There are 15,418 households in the county with an average household size of 2.45 persons. 30.25% of households in Floyd County are renters.

Income and Rent Overburden in Floyd County

The median gross income for households in Floyd County is $30,096 a year, or $2,508 a month. The median rent for the county is $543 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Floyd County, a household making less than $1,810 a month would be considered overburdened when renting an apartment at or above the median rent. 39.22% of households who rent are overburdened in Floyd County.1

Area Median Income In Floyd 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 Floyd County, HUD calculates the Area Median Income for a family of four as $39,500

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 Floyd 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 Floyd County HUD Rental Assistance in Floyd County

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 $25,600 $27,650 $29,700 $31,750 $33,800
50% of Median $17,950 $20,500 $23,050 $25,600 $27,650 $29,700 $31,750 $33,800
80% of Median $28,700 $32,800 $36,900 $40,950 $44,250 $47,550 $50,800 $54,100
Low Income Housing Tax Credits in Floyd County

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

From 1997 to 1997, 1 low income apartment communities containing 32 rental apartments have been constructed and made affordable to low income persons in Floyd 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 Floyd County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $17,950 $20,500 $23,050 $25,600 $27,650 $29,700 $31,750 $33,800
60% of Median $21,540 $24,600 $27,660 $30,720 $33,180 $35,640 $38,100 $40,560

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 Floyd County is $27,660 a year, or $2,305 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,305 by 30% to get a maximum rent of $692 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% $449 $481 $576 $666 $743 $819
60% $539 $577 $692 $799 $891 $983
Fair Market Rents in Floyd 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
$504 $507 $618 $815 $1,030

Cities In Floyd County

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

City Listings Served By
Prestonsburg 5 The HUD funded Public Housing Agencies that serve Prestonsburg are the Housing Authority of Prestonsburg and Housing Authority of Floyd County.
Wheelwright 0 The HUD funded Public Housing Agency that serves Wheelwright is the Housing Authority of Floyd County.
Allen 0 The HUD funded Public Housing Agency that serves Allen is the Housing Authority of Floyd County.
Auxier 0 The HUD funded Public Housing Agency that serves Auxier is the Housing Authority of Floyd County.
Dwale 0 The HUD funded Public Housing Agency that serves Dwale is the Housing Authority of Floyd County.
Martin 2 The HUD funded Public Housing Agency that serves Martin is the Housing Authority of Floyd County.
Maytown 0 The HUD funded Public Housing Agency that serves Maytown is the Housing Authority of Floyd County.
Wayland 0 The HUD funded Public Housing Agency that serves Wayland is the Housing Authority of Floyd County.
Betsy Layne 0 The HUD funded Public Housing Agency that serves Betsy Layne is the Housing Authority of Floyd County.