Affordable Housing In Simpson County
Kentucky

7 Low Income Apartment Communities In Simpson County

Ridgewood Apartments

425 Filter Plant Rd
Franklin, KY
HCV Welcome

Walnut Forest Apartments

Morgantown RD
Franklin, KY
HCV Welcome

Walnut Forest Apartments

634 Morgantown Rd
Franklin, KY
Subsidized

Joshua Place

108 Crestmore Dr
Franklin, KY
HCV Welcome

Kelsey Manor

111 Crestmore Dr
Franklin, KY
HCV Welcome

Ridgewood Apartments : Rental

Filter Plant Rd
Franklin, KY
HCV Welcome

Ashmore Village

101 Brentmore Dr
Franklin, KY
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Housing Authorities that serve Simpson County

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

Other Housing Authorities located in Simpson County

Housing Authority Programs
Housing Authority of Franklin Public Housing

Guide To Affordable Housing in Simpson County, Kentucky

According to federal housing data and AffordableHousingOnline.com research, there are 7 low income housing apartment communities offering 313 affordable apartments for rent in Simpson County, Kentucky. Simpson County features 160 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 153 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Simpson County.

Simpson County, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 7
Total Low Income Apartments 313
Total Housing Units with Rental Assistance 160
Percentage of Housing Units Occupied By Renters 37.13%
Average Renter Household Size 2.48
Average Household Size 2.56
Median Household Income $39,679 ±$3,954
Median Rent $641 ±$27
Percentage Of Renters Overburdened 38.26% ± 7.51pp
Total Population 17,704

Population and Household Demographics

Simpson County is a County in Kentucky with a population of 17,704. There are 6,793 households in the county with an average household size of 2.56 persons. 37.13% of households in Simpson County are renters.

Income and Rent Overburden in Simpson County

The median gross income for households in Simpson County is $39,679 a year, or $3,307 a month. The median rent for the county is $641 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Simpson County, a household making less than $2,137 a month would be considered overburdened when renting an apartment at or above the median rent. 38.26% of households who rent are overburdened in Simpson County.1

Area Median Income In Simpson 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 Simpson County, HUD calculates the Area Median Income for a family of four as $56,000

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 Simpson 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 Simpson County HUD Rental Assistance in Simpson 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 $30,170 $32,500 $34,750 $37,000
50% of Median $19,600 $22,400 $25,200 $28,000 $30,250 $32,500 $34,750 $37,000
80% of Median $31,400 $35,850 $40,350 $44,800 $48,400 $52,000 $55,600 $59,150
Low Income Housing Tax Credits in Simpson County

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

From 2003 to 2010, 4 low income apartment communities containing 144 rental apartments have been constructed and made affordable to low income persons in Simpson 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 Simpson County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $19,600 $22,400 $25,200 $28,000 $30,250 $32,500 $34,750 $37,000
60% of Median $23,520 $26,880 $30,240 $33,600 $36,300 $39,000 $41,700 $44,400

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 Simpson County is $30,240 a year, or $2,520 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,520 by 30% to get a maximum rent of $756 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% $490 $525 $630 $728 $813 $897
60% $588 $630 $756 $874 $975 $1,076
Fair Market Rents in Simpson 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
$510 $544 $717 $893 $971

Cities In Simpson County

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

City Listings Served By
Franklin 7 The HUD funded Public Housing Agencies that serve Franklin are the Housing Authority of Franklin and Kentucky Housing Corporation.