Affordable Housing In Russell Springs
Russell County, Kentucky

3 Low Income Apartment Communities In Russell Springs

Baron Hills Apartments

33 Apache Av
Russell Springs, KY

Russell Springs Manor Associates

85 Main St
Russell Springs, KY
Subsidized

Crystal Springs Apartments

475 Maple St
Russell Springs, KY
Subsidized
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Housing Authorities that serve Russell Springs

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

Guide To Affordable Housing in Russell Springs, Kentucky

According to federal housing data and AffordableHousingOnline.com research, there are 3 low income housing apartment communities offering 86 affordable apartments for rent in Russell Springs, Kentucky. Russell Springs features 62 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 24 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Russell Springs.

Russell Springs, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 86
Total Housing Units with Rental Assistance 62
Percentage of Housing Units Occupied By Renters 43.82%
Average Renter Household Size 1.77
Average Household Size 2.04
Median Household Income $24,508 ±$5,202
Median Rent $480 ±$23
Percentage Of Renters Overburdened 37.01% ± 11.5pp
Total Population 2,491

Population and Household Demographics

Russell Springs is a City in Russell County, Kentucky with a population of 2,491. There are 1,221 households in the city with an average household size of 2.04 persons. 43.82% of households in Russell Springs are renters.

Income and Rent Overburden in Russell Springs

The median gross income for households in Russell Springs is $24,508 a year, or $2,042 a month. The median rent for the city is $480 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Russell Springs, a household making less than $1,600 a month would be considered overburdened when renting an apartment at or above the median rent. 37.01% of households who rent are overburdened in Russell Springs.1

Area Median Income In Russell Springs

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 Russell Springs, the AMI is calculated from all households within Russell County.

In Russell Springs, HUD calculates the Area Median Income for a family of four as $44,200

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 Russell Springs

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 Russell Springs HUD Rental Assistance in Russell Springs

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 Russell Springs

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

From 1994 to 1994, 1 low income apartment communities containing 24 rental apartments have been constructed and made affordable to low income persons in Russell Springs 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 Russell Springs

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 Russell Springs 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 Russell Springs

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
$522 $526 $631 $840 $1,108