Affordable Housing In Stanford
Lincoln County, Kentucky

6 Low Income Apartment Communities In Stanford

Lincoln Terrace Apartments

120 Star Avenue
Stanford, KY
Income Based
1-2 BR
Accepts Vouchers

Logans Trace Apartments

215 River Dr
Stanford, KY
Accepts Vouchers

Oakview Apartments

401 Oakview Road
Stanford, KY
Accepts Vouchers

Shea Villa Apartments

124 Shea Villa Ct
Stanford, KY
Accepts Vouchers

Skyview Homes

115 Star Ave
Stanford, KY

Karp - Lincoln County

Cannonade Dr
Stanford, KY
Accepts Vouchers
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Housing Authorities that serve Stanford

Housing Authority Programs
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 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
Total Population 3,680

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
$448 $479 $631 $827 $875