Affordable Housing In Mount Vernon
Rockcastle County, Kentucky

7 Low Income Apartment Communities In Mount Vernon

Valley View Apartments - Mt Vernon

3 Old Us 25
Mount Vernon, KY
Subsidized

Town Branch Apartments

70 Crawford St
Mount Vernon, KY
HCV Welcome

Cave Valley Apartments

615 Richmond St
Mount Vernon, KY
HCV Welcome

Mt Vernon Manor

75 Sigmon St
Mount Vernon, KY

Mt Village Apartments

1120 W Main St
Mount Vernon, KY
HCV Welcome

Mt Vernon Greens Apartments

Mcbee St
Mount Vernon, KY
HCV Welcome

Carter Dr and Lovell Lane

110 Carter Dr
Mount Vernon, KY
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Housing Authorities that serve Mount Vernon

Housing Authority Programs
Housing Authority of Mount Vernon Public Housing
Kentucky Housing Corporation Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Mount Vernon, Kentucky

According to federal housing data and AffordableHousingOnline.com research, there are 7 low income housing apartment communities offering 247 affordable apartments for rent in Mount Vernon, Kentucky. Mount Vernon features 82 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 165 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Mount Vernon.

Mount Vernon, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 247
Total Housing Units with Rental Assistance 82
Percentage of Housing Units Occupied By Renters 49.72%
Average Renter Household Size 2.40
Average Household Size 2.45
Median Household Income $20,651 ±$3,235
Median Rent $426 ±$28
Percentage Of Renters Overburdened 47.16% ± 16.2pp
Total Population 2,814

Population and Household Demographics

Mount Vernon is a City in Rockcastle County, Kentucky with a population of 2,814. There are 1,062 households in the city with an average household size of 2.45 persons. 49.72% of households in Mount Vernon are renters.

Income and Rent Overburden in Mount Vernon

The median gross income for households in Mount Vernon is $20,651 a year, or $1,721 a month. The median rent for the city is $426 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Mount Vernon, a household making less than $1,420 a month would be considered overburdened when renting an apartment at or above the median rent. 47.16% of households who rent are overburdened in Mount Vernon.1

Area Median Income In Mount Vernon

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 Mount Vernon, the AMI is calculated from all households within Rockcastle County.

In Mount Vernon, HUD calculates the Area Median Income for a family of four as $45,300

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 Mount Vernon

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 Mount Vernon HUD Rental Assistance in Mount Vernon

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 Mount Vernon

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

From 1992 to 2005, 3 low income apartment communities containing 77 rental apartments have been constructed and made affordable to low income persons in Mount Vernon 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 Mount Vernon

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 Mount Vernon 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 Mount Vernon

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
$476 $479 $631 $854 $940