Affordable Housing In Franklin County
18 Low Income Apartment Communities In Franklin County
Other Housing Authorities located in Franklin County
|Housing Authority of Frankfort||Section 8 Housing Choice Voucher (HCV); Public Housing|
|Kentucky Housing Corporation||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Franklin County, Kentucky
There are 18 low income housing apartment communities offering 929 affordable apartments for rent in Franklin County, Kentucky. Franklin County features 596 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 333 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Franklin County.
Sourced from federal housing data and AffordableHousingOnline.com research.
Franklin County, KY Affordable Housing Snapshot
|Total Affordable Apartment Properties||18|
|Total Low Income Apartments||929|
|Total Housing Units with Rental Assistance||596|
|Percentage of Housing Units Occupied By Renters||37.05%|
|Average Renter Household Size||2.14|
|Average Household Size||2.28|
|Median Household Income||$47,964 ±$2,842|
|Median Rent||$687 ±$25|
|Percentage Of Renters Overburdened||45.41% ± 4.94pp|
Population and Household Demographics
Franklin County is a County in Kentucky with a population of 49,778. There are 21,033 households in the county with an average household size of 2.28 persons. 37.05% of households in Franklin County are renters.
Income and Rent Overburden in Franklin County
The median gross income for households in Franklin County is $47,964 a year, or $3,997 a month. The median rent for the county is $687 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Franklin County, a household making less than $2,290 a month would be considered overburdened when renting an apartment at or above the median rent. 45.41% of households who rent are overburdened in Franklin County.1
Area Median Income In Franklin 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 Franklin County, HUD calculates the Area Median Income for a family of four as $68,200
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 Franklin 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 Franklin County HUD Rental Assistance in Franklin County
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$14,350||$16,910||$21,330||$25,750||$30,170||$34,590||$39,010||$43,430|
|50% of Median||$23,900||$27,300||$30,700||$34,100||$36,850||$39,600||$42,300||$45,050|
|80% of Median||$38,200||$43,650||$49,100||$54,550||$58,950||$63,300||$67,650||$72,050|
Fair Market Rents in Franklin 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.
2020 Fair Market Rents
|Studio||One BR||Two BR||Three BR||Four BR|