Cottages of Frankfort I

871 Cardwell Lane , Frankfort, Kentucky 40601

Affordable senior living at its best! Surrounded by graceful, lush landscaping, privacy and beauty are yours within this seniors only community. Our 1, 2 or 3 bedroom apartment homes are perfect for those 55 years of age or better. Let us show you why Cottages of Frankfort is just what you are looking for.

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Units

Unit (Bd/Ba) Ft2 Rent
One Bedroom (1/1) 700 $435
Two Bedroom (2/1) 882 Call for Price
Three Bedroom (3/1) 990 Call for Price

Cottages of Frankfort I Details

  • 96 one, two and three bedroom units.
  • Low-Income Housing Tax Credit (LIHTC)
  • HOME Investment Partnerships Program

Property Amenities

  • Community Room
  • Business Center
  • 24hr Emergency Maintenance

Unit Amenities

  • Air Conditioning
  • Dishwasher
  • Cable Ready
  • Window Coverings
  • Carpet
  • Refrigerator

Nearby Amenities

  • Close to Dining
  • Close to Shopping
  • Near Schools

Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.

HOME Investment Partnerships Program

This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.

Frankfort Low-Income Housing Tax Credit Income Limits

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Frankfort but actual income limits may differ for units at Cottages of Frankfort I.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $27,750 $31,700 $35,650 $39,600 $42,800 $45,950 $49,150 $52,300
Low Income (60%) $33,300 $38,040 $42,780 $47,520 $51,360 $55,140 $58,980 $62,760

Cottages of Frankfort I is managed by Fourmidable.

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