Affordable Housing In Owen County

5 Low Income Apartment Communities In Owen County

Adair Hill Apartments

117 E Adair St
Owenton, KY

Owenton Village II

319 N Main St
Owenton, KY

Manor House Apartments

107 E Perry St
Owenton, KY

Gaines Village

101 Gaines Village Dr
Owenton, KY

Adair Family Apartments

119 E Adair St
Owenton, KY
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Housing Authorities that serve Owen County

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

Other Housing Authorities located in Owen County

Housing Authority Programs
Housing Authority of Owenton Public Housing

Guide To Affordable Housing in Owen County, Kentucky

According to federal housing data and research, there are 5 low income housing apartment communities offering 115 affordable apartments for rent in Owen County, Kentucky. Owen County features 103 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 12 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Owen County.

Owen County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 115
Total Housing Units with Rental Assistance 103
Percentage of Housing Units Occupied By Renters 24.47%
Average Renter Household Size 2.72
Average Household Size 2.59
Median Household Income $41,934 ±$4,265
Median Rent $565 ±$71
Percentage Of Renters Overburdened 37.46% ± 8.39pp
Total Population 10,711

Population and Household Demographics

Owen County is a County in Kentucky with a population of 10,711. There are 4,123 households in the county with an average household size of 2.59 persons. 24.47% of households in Owen County are renters.

Income and Rent Overburden in Owen County

The median gross income for households in Owen County is $41,934 a year, or $3,495 a month. The median rent for the county is $565 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Owen County, a household making less than $1,883 a month would be considered overburdened when renting an apartment at or above the median rent. 37.46% of households who rent are overburdened in Owen County.1

Area Median Income In Owen 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 Owen County, HUD calculates the Area Median Income for a family of four as $52,300

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 Owen 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 Owen County HUD Rental Assistance in Owen 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 $25,750 $28,750 $30,900 $33,000 $35,150
50% of Median $18,650 $21,300 $23,950 $26,600 $28,750 $30,900 $33,000 $35,150
80% of Median $29,850 $34,100 $38,350 $42,600 $46,050 $49,450 $52,850 $56,250
Low Income Housing Tax Credits in Owen County

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

From 1990 to 1993, 2 low income apartment communities containing 31 rental apartments have been constructed and made affordable to low income persons in Owen 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 Owen County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $18,650 $21,300 $23,950 $26,600 $28,750 $30,900 $33,000 $35,150
60% of Median $22,380 $25,560 $28,740 $31,920 $34,500 $37,080 $39,600 $42,180

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 Owen County is $28,740 a year, or $2,395 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,395 by 30% to get a maximum rent of $719 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% $466 $499 $599 $692 $773 $852
60% $560 $599 $719 $830 $927 $1,022
Fair Market Rents in Owen 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
$455 $486 $640 $823 $983

Cities In Owen County

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

City Listings Served By
Owenton 5 The HUD funded Public Housing Agencies that serve Owenton are the Housing Authority of Owenton and Kentucky Housing Corporation.
Gratz 0 The HUD funded Public Housing Agency that serves Gratz is the Kentucky Housing Corporation.
Monterey 0 The HUD funded Public Housing Agency that serves Monterey is the Kentucky Housing Corporation.