Affordable Housing In Lexington
Fayette County Kentucky

80 Low Income Apartment Communities In Lexington

Ballard Place

Tower Plz
Lexington, KY
HCV Welcome

1261 Atokad Park

1261 Atokad Park
Lexington, KY
HCV Welcome

Homownership

461 Ash St
Lexington, KY

Homownership

224 Twelfth St
Lexington, KY

Bluegrass Phase IIi

640 Triple Crown Pkwy
Lexington, KY

Derbytown Apartments, Phase IIi

325 Bainbridge Dr
Lexington, KY
HCV Welcome

Kanisa Apartments, Ltd

465 Price Rd
Lexington, KY
HCV Welcome

Georgetown Street Hope VI Apartments

Ash St And Glen Arbin
Lexington, KY
HCV Welcome

12th Street Hope VI Apartments

216 Twelfth St
Lexington, KY
HCV Welcome

Sugar Mill Hope VI Apartments

1814 Versailles Rd
Lexington, KY
HCV Welcome

There are 80 low income housing apartment complexes which contain 5,460 affordable apartments for rent in Lexington. Many of these rental apartments are income based housing with 3,625 apartments that set rent based on your income. In Lexington, HUD housing programs support 1,873 rental assistance apartments through programs like Project-based Section 8. There are 1,781 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Lexington

Housing Authority Programs
Lexington-Fayette Urban County Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing; Homeownership Voucher; Moving to Work

Guide To Affordable Housing in Lexington, Kentucky

Lexington, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 80
Total Low Income Apartments 5,460
Total Rent Assisted Apartments 3,625
Percentage of Housing Units Occupied By Renters 45.77%
Average Renter Household Size 2.22
Total Population 308,306
Housing Units 125,752
Average Household Size 2.35
Median Household Income $49,778 ±$810
Median Rent $778 ±$11
Percentage Of Renters Overburdened 47.06% ± 1.58pp

Population and Household Demographics

Lexington is a City in Fayette County, Kentucky with a population of 308,306. There are 125,752 households in the city with an average household size of 2.35 persons. 45.77% of households in Lexington are renters.

Income and Rent Overburden in Lexington

The median gross income for households in Lexington is $49,778 a year, or $4,148 a month. The median rent for the city is $778 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lexington, a household making less than $2,593 a month would be considered overburdened when renting an apartment at or above the median rent. 47.06% of households who rent are overburdened in Lexington.1

Area Median Income In Lexington

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 Lexington, the AMI is calculated from all households within Fayette County.

In Lexington, HUD calculates the Area Median Income for a family of four as $74,500

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 Lexington

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 Lexington HUD Rental Assistance in Lexington

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,650 $17,900 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,100 $29,800 $33,550 $37,250 $40,250 $43,250 $46,200 $49,200
80% of Median $41,750 $47,700 $53,650 $59,600 $64,400 $69,150 $73,950 $78,700
Low Income Housing Tax Credits in Lexington

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

From 1991 to 2010, 31 low income apartment communities containing 1,838 rental apartments have been constructed and made affordable to low income persons in Lexington 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 Lexington

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
60% of Median $31,320 $35,760 $40,260 $44,700 $48,300 $51,900 $55,440 $59,040

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 Lexington is $40,260 a year, or $3,355 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,355 by 30% to get a maximum rent of $1,007 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% $653 $699 $839 $969 $1,081 $1,193
60% $783 $839 $1,007 $1,163 $1,298 $1,431
Fair Market Rents in Lexington

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
$617 $692 $883 $1,231 $1,551