Affordable Housing In Franklin County
Kentucky

18 Low Income Apartment Communities In Franklin County

Cottages of Frankfort I

871 Cardwell Lane
Frankfort, KY
Call For Rent
1-3 BR
HCV Welcome

Emily Apartments

325 Brighton Park Blvd
Frankfort, KY
Call For Rent
1-2 BR
55+
HCV Welcome

Woodside Park

1335 Louisville Rd
Frankfort, KY
Subsidized

Project Outreach Esperanza, Inc

200 Esperanza Dr
Frankfort, KY
Accessible
Disabled Supportive Housing
Subsidized

Hickory Hills Manor

120 Marlowe Ct
Frankfort, KY
Subsidized

Kings Daughters Apartments

220 Hanna Pl
Frankfort, KY
62+
Accessible
Elderly Supportive Housing
Subsidized

Project Outreach Seneca

529 Pawnee Trl
Frankfort, KY
Accessible
Disabled Supportive Housing
Subsidized

Project Outreach - Leawood

713 Leawood Dr
Frankfort, KY
Accessible
Disabled Supportive Housing
Subsidized

Prince Hall Village Apartments

1100 Prince Hall Vlg
Frankfort, KY
Subsidized

Franklin Place Apartments

126 Deepwood Dr
Frankfort, KY
Accessible
Disabled Supportive Housing
Subsidized

There are 18 low income housing apartment complexes which contain 929 affordable apartments for rent in Franklin County. Many of these rental apartments are income based housing with 596 apartments that set rent based on your income. In Franklin County, HUD housing programs support 298 rental assistance apartments through programs like Project-based Section 8. There are 333 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Other Housing Authorities located in Franklin County

Housing Authority Programs
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

Franklin County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 18
Total Low Income Apartments 929
Total Rent Assisted Apartments 596
Percentage of Housing Units Occupied By Renters 37.05%
Average Renter Household Size 2.14
Total Population 49,778
Housing Units 21,033
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
Low Income Housing Tax Credits in Franklin County

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

From 1991 to 2005, 7 low income apartment communities containing 329 rental apartments have been constructed and made affordable to low income persons in Franklin 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 Franklin County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
60% of Median $28,680 $32,760 $36,840 $40,920 $44,220 $47,520 $50,760 $54,060

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 Franklin County is $36,840 a year, or $3,070 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,070 by 30% to get a maximum rent of $921 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% $598 $640 $768 $887 $990 $1,092
60% $717 $768 $921 $1,064 $1,188 $1,310
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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$542 $632 $757 $992 $1,136

Cities In Franklin County

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

City Listings Served By
Frankfort 18 The HUD funded Public Housing Agency that serves Frankfort is the Housing Authority of Frankfort.