Affordable Housing In Princeton
Caldwell County, Kentucky

5 Low Income Apartment Communities In Princeton

Princeton Manor

655 Grace Ct
Princeton, KY
Call For Rent
1-3 BR
Subsidized

Legion Manor Apartments

518 Cadiz St
Princeton, KY
HCV Welcome

Karp - Caldwell County

McGoodwin St
Princeton, KY
HCV Welcome

Franklin Place Senior Apartments

N Franklin ST
Princeton, KY
HCV Welcome

Hillview Court

101 Hillview Ct
Princeton, KY
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There are 5 low income housing apartment complexes which contain 200 affordable apartments for rent in Princeton. Many of these rental apartments are income based housing with 146 apartments that set rent based on your income. In Princeton, HUD housing programs support 40 rental assistance apartments through programs like Project-based Section 8. There are 54 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Princeton

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

Guide To Affordable Housing in Princeton, Kentucky

Princeton, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 200
Total Rent Assisted Apartments 146
Percentage of Housing Units Occupied By Renters 40.74%
Average Renter Household Size 2.35
Total Population 6,251
Housing Units 2,624
Average Household Size 2.33
Median Household Income $37,500 ±$7,388
Median Rent $531 ±$24
Percentage Of Renters Overburdened 36.11% ± 11.8pp

Population and Household Demographics

Princeton is a City in Caldwell County, Kentucky with a population of 6,251. There are 2,624 households in the city with an average household size of 2.33 persons. 40.74% of households in Princeton are renters.

Income and Rent Overburden in Princeton

The median gross income for households in Princeton is $37,500 a year, or $3,125 a month. The median rent for the city is $531 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Princeton, a household making less than $1,770 a month would be considered overburdened when renting an apartment at or above the median rent. 36.11% of households who rent are overburdened in Princeton.1

Area Median Income In Princeton

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 Princeton, the AMI is calculated from all households within Caldwell County.

In Princeton, HUD calculates the Area Median Income for a family of four as $54,200

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 Princeton

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 Princeton HUD Rental Assistance in Princeton

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 $29,300 $31,450 $33,650 $35,800
50% of Median $19,000 $21,700 $24,400 $27,100 $29,300 $31,450 $33,650 $35,800
80% of Median $30,350 $34,700 $39,050 $43,350 $46,850 $50,300 $53,800 $57,250
Low Income Housing Tax Credits in Princeton

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

From 1999 to 2005, 3 low income apartment communities containing 54 rental apartments have been constructed and made affordable to low income persons in Princeton 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 Princeton

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $19,000 $21,700 $24,400 $27,100 $29,300 $31,450 $33,650 $35,800
60% of Median $22,800 $26,040 $29,280 $32,520 $35,160 $37,740 $40,380 $42,960

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 Princeton is $29,280 a year, or $2,440 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,440 by 30% to get a maximum rent of $732 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% $475 $509 $610 $705 $786 $868
60% $570 $611 $732 $846 $944 $1,042
Fair Market Rents in Princeton

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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$443 $536 $618 $807 $843