Affordable Housing In Stanford
6 Low Income Apartment Communities In Stanford
Housing Authorities that serve Stanford
|Housing Authority of Stanford||Public Housing|
|Kentucky Housing Corporation||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Stanford, Kentucky
There are 6 low income housing apartment communities offering 215 affordable apartments for rent in Stanford, Kentucky. Stanford features 115 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 100 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Stanford.
Sourced from federal housing data and AffordableHousingOnline.com research.
Stanford, KY Affordable Housing Snapshot
|Total Affordable Apartment Properties||6|
|Total Low Income Apartments||215|
|Total Housing Units with Rental Assistance||115|
|Percentage of Housing Units Occupied By Renters||47.74%|
|Average Renter Household Size||2.40|
|Average Household Size||2.20|
|Median Household Income||$21,875 ±$6,436|
|Median Rent||$522 ±$60|
|Percentage Of Renters Overburdened||52.86% ± 18.95pp|
Population and Household Demographics
Stanford is a City in Lincoln County, Kentucky with a population of 3,680. There are 1,573 households in the city with an average household size of 2.20 persons. 47.74% of households in Stanford are renters.
Income and Rent Overburden in Stanford
The median gross income for households in Stanford is $21,875 a year, or $1,823 a month. The median rent for the city is $522 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Stanford, a household making less than $1,740 a month would be considered overburdened when renting an apartment at or above the median rent. 52.86% of households who rent are overburdened in Stanford.1
Area Median Income In Stanford
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 Stanford, the AMI is calculated from all households within Lincoln County.
In Stanford, HUD calculates the Area Median Income for a family of four as $44,000
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 Stanford
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 Stanford HUD Rental Assistance in Stanford
|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|
Fair Market Rents in Stanford
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|