Affordable Housing In Magoffin County

3 Low Income Apartment Communities In Magoffin County

Uptown Apartments

79 Scott Ave
Salyersville, KY

Pinewood Townhomes : Rental

615 Gardner Trl
Salyersville, KY
HCV Welcome

Allen Drive Apartments

540 Allen Dr
Salyersville, KY
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Housing Authorities that serve Magoffin County

Housing Authority Programs
Kentucky Housing Corporation Section 8 Housing Choice Voucher (HCV)

Other Housing Authorities located in Magoffin County

Housing Authority Programs
Housing Authority of SalyersvilleMagoffin Co. Public Housing

Guide To Affordable Housing in Magoffin County, Kentucky

According to federal housing data and research, there are 3 low income housing apartment communities offering 86 affordable apartments for rent in Magoffin County, Kentucky. Magoffin County features 75 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 11 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Magoffin County.

Magoffin County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 86
Total Housing Units with Rental Assistance 75
Percentage of Housing Units Occupied By Renters 27.38%
Average Renter Household Size 2.51
Average Household Size 2.57
Median Household Income $28,500 ±$3,420
Median Rent $478 ±$34
Percentage Of Renters Overburdened 32.75% ± 6.91pp
Total Population 12,979

Population and Household Demographics

Magoffin County is a County in Kentucky with a population of 12,979. There are 4,996 households in the county with an average household size of 2.57 persons. 27.38% of households in Magoffin County are renters.

Income and Rent Overburden in Magoffin County

The median gross income for households in Magoffin County is $28,500 a year, or $2,375 a month. The median rent for the county is $478 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Magoffin County, a household making less than $1,593 a month would be considered overburdened when renting an apartment at or above the median rent. 32.75% of households who rent are overburdened in Magoffin County.1

Area Median Income In Magoffin 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 Magoffin County, HUD calculates the Area Median Income for a family of four as $39,200

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 Magoffin 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 Magoffin County HUD Rental Assistance in Magoffin County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,490 $16,910 $21,330 $25,600 $27,650 $29,700 $31,750 $33,800
50% of Median $17,950 $20,500 $23,050 $25,600 $27,650 $29,700 $31,750 $33,800
80% of Median $28,700 $32,800 $36,900 $40,950 $44,250 $47,550 $50,800 $54,100
Low Income Housing Tax Credits in Magoffin 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 1991, 1 low income apartment communities containing 16 rental apartments have been constructed and made affordable to low income persons in Magoffin 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 Magoffin County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $17,950 $20,500 $23,050 $25,600 $27,650 $29,700 $31,750 $33,800
60% of Median $21,540 $24,600 $27,660 $30,720 $33,180 $35,640 $38,100 $40,560

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 Magoffin County is $27,660 a year, or $2,305 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,305 by 30% to get a maximum rent of $692 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% $449 $481 $576 $666 $743 $819
60% $539 $577 $692 $799 $891 $983
Fair Market Rents in Magoffin 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
$448 $538 $631 $801 $856

Cities In Magoffin County

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

City Listings Served By
Salyersville 3 The HUD funded Public Housing Agencies that serve Salyersville are the Housing Authority of SalyersvilleMagoffin Co. and Kentucky Housing Corporation.