Affordable Housing In Madison County
Kentucky

17 Low Income Apartment Communities In Madison County

Eastern Scholar House Apartments

801 Van Hoose Drive
Richmond, KY
Call For Rent
2 BR
HCV Welcome

Madison Towers

225 N Madison Ave
Richmond, KY
Call For Rent
1 BR
HCV Welcome
Subsidized

Saddlebrook Apartments

633 Big Hill Avenue
Richmond, KY

Pebblecreek Crossing Apartments

418 Big Hill Avenue
Richmond, KY
62+
HCV Welcome

Madison Avenue Apartments

270 N Madison Ave
Richmond, KY
Subsidized

Roselawn Subdivision

102 Gregory St
Berea, KY
Subsidized

Richmond Manor Apartments

745 N 3rd St
Richmond, KY
Subsidized

Telford Apartments

214 Hallie Irvine St
Richmond, KY
HCV Welcome

Richmond Green

108 Richmond Green Dr
Richmond, KY
HCV Welcome

Liberty Place Recovery Center for Women

Lake ST
Richmond, KY
HCV Welcome

Other Housing Authorities located in Madison County

Housing Authority Programs
Housing Authority of Richmond Public Housing
Housing Authority of Berea Public Housing
City of Richmond Section 8 Housing Program Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Madison County, Kentucky

According to federal housing data and AffordableHousingOnline.com research, there are 17 low income housing apartment communities offering 1,101 affordable apartments for rent in Madison County, Kentucky. Madison County features 688 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 277 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Madison County.

Madison County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 17
Total Low Income Apartments 1,101
Total Housing Units with Rental Assistance 688
Percentage of Housing Units Occupied By Renters 40.77%
Average Renter Household Size 2.34
Average Household Size 2.49
Median Household Income $42,390 ±$2,162
Median Rent $647 ±$11
Percentage Of Renters Overburdened 47.29% ± 3.63pp
Total Population 85,838

Population and Household Demographics

Madison County is a County in Kentucky with a population of 85,838. There are 32,064 households in the county with an average household size of 2.49 persons. 40.77% of households in Madison County are renters.

Income and Rent Overburden in Madison County

The median gross income for households in Madison County is $42,390 a year, or $3,533 a month. The median rent for the county is $647 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Madison County, a household making less than $2,157 a month would be considered overburdened when renting an apartment at or above the median rent. 47.29% of households who rent are overburdened in Madison County.1

Area Median Income In Madison 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 Madison County, HUD calculates the Area Median Income for a family of four as $58,200

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 Madison 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 Madison County HUD Rental Assistance in Madison County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $13,200 $16,910 $21,330 $25,750 $30,170 $34,590 $38,900 $41,400
50% of Median $21,950 $25,100 $28,250 $31,350 $33,900 $36,400 $38,900 $41,400
80% of Median $35,150 $40,150 $45,150 $50,150 $54,200 $58,200 $62,200 $66,200
Low Income Housing Tax Credits in Madison County

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

From 1996 to 2008, 6 low income apartment communities containing 190 rental apartments have been constructed and made affordable to low income persons in Madison 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 Madison County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $21,950 $25,100 $28,250 $31,350 $33,900 $36,400 $38,900 $41,400
60% of Median $26,340 $30,120 $33,900 $37,620 $40,680 $43,680 $46,680 $49,680

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 Madison County is $33,900 a year, or $2,825 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,825 by 30% to get a maximum rent of $848 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% $549 $588 $706 $816 $910 $1,004
60% $659 $706 $848 $979 $1,092 $1,205
Fair Market Rents in Madison 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
$482 $535 $705 $1,001 $1,004

Cities In Madison County

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

City Listings Served By
Richmond 12 The HUD funded Public Housing Agencies that serve Richmond are the Housing Authority of Richmond and City of Richmond Section 8 Housing Program.
Berea 5 The HUD funded Public Housing Agency that serves Berea is the Housing Authority of Berea.