Hopewell Apartments

13 Spears Street, Paris, Kentucky 40362

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Hopewell Apartments Details

  • 30 bedroom units.
  • HOME Investment Partnerships Program
  • Low-Income Housing Tax Credit (LIHTC)
  • Section 538 Guaranteed Rural Rental Housing

HOME Investment Partnerships Program

This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.

Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.

Section 538 Guaranteed Rural Rental Housing

Section 538 is an affordable rural rental housing program for households earning incomes at or below 115% of the area median income.

Paris Low-Income Housing Tax Credit Income Limits

Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Paris but actual income limits may differ for units at Hopewell Apartments.

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Very Low Income (50%) $29,550 $33,800 $38,000 $42,200 $45,600 $49,000 $52,350 $55,750
Low Income (60%) $35,460 $40,560 $45,600 $50,640 $54,720 $58,800 $62,820 $66,900

Hopewell Apartments is managed by Winterwood Property Management.

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