Affordable Housing In Loretto
Marion County, Kentucky

Affordable Housing programs support 0 income based apartments in Loretto where households pay rent based on how much they earn.

There are 0 affordable apartments in Loretto that offer reduced rents to low-income households.

Waiting Lists in Loretto, Kentucky

There are no open Section 8 Housing Choice Voucher waiting lists in Loretto. Go to the Kentucky Section 8 Waiting Lists page for openings near Loretto.

Affordable Housing Near Loretto

View affordable apartments and waiting lists in cities near Loretto

City Apartments
Affordable Housing In Lebanon, KY Affordable Housing programs support 6 apartment communities in Lebanon.

Public Housing Agencies Serving Loretto, Kentucky

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Housing Authority Programs
Kentucky Housing Corporation Section 8 Housing Choice Voucher (HCV)
Go to the Kentucky Public Housing and Low-Income Apartments Waiting Lists page for openings near Loretto.

Loretto, Kentucky Affordable Housing Data

Income Based Apartments in Loretto, Kentucky

Loretto features 0 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Loretto, Kentucky

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Loretto.

Housing Choice Vouchers in Loretto, Kentucky

On average, Section 8 Housing Choice vouchers pay Loretto landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Loretto.

The maximum amount a voucher would pay on behalf of a low-income tenant in Loretto, Kentucky for a two-bedroom apartment is between $714 and $872.

2023 Loretto, Kentucky Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Loretto, Kentucky Fair Market Rent $598 $602 $793 $965 $1,065
Loretto, Kentucky Payment Standard Range $538 to $658 $542 to $662 $714 to $872 $869 to $1,062 $959 to $1,172

Sourced from federal housing data and research.

Loretto, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 18.71%
Average Renter Household Size 2.12
Average Household Size 2.64
Median Household Income $38,750 ±$7,490
Median Rent $622 ±$91
Percentage Of Renters Overburdened 55.77% ± 32.03pp
Total Population 734

Population and Household Demographics

Loretto is a city in Marion County, Kentucky with a population of 734. There are 278 households in the city with an average household size of 2.64 persons. 18.71% of households in Loretto are renters.

Income and Rent Overburden in Loretto

The median gross income for households in Loretto is $38,750 a year, or $3,229 a month. The median rent for the city is $622 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Loretto, a household making less than $2,073 a month would be considered overburdened when renting an apartment at or above the median rent. 55.77% of households who rent are overburdened in Loretto.

Area Median Income In Loretto

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 Loretto, the AMI is calculated from all households within Marion County.

In Loretto, HUD calculates the Area Median Income for a family of four as $63,600

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 Loretto

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 HUD Rental Assistance in Loretto

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Loretto AMI may qualify for rental assistance programs that target Extremely Low Income households.
$13,590 $18,310 $23,030 $27,750 $32,470 $36,900 $39,450 $42,000
50% AMI Income Limits
Renters earning up to 50% of the Loretto AMI may qualify for rental assistance programs that target Very Low Income households.
$22,300 $25,450 $28,650 $31,800 $34,350 $36,900 $39,450 $42,000
80% AMI Income Limits
Renters earning up to 80% of the Loretto AMI may qualify for rental assistance programs that target Low Income households.
$35,650 $40,750 $45,850 $50,900 $55,000 $59,050 $63,150 $67,200