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Affordable Housing In Versailles
Woodford County, Kentucky

6 Low Income Apartment Communities In Versailles

Arbor Place Townhomes

220 Clifton Rd
Versailles, Kentucky
3 BR

Versailles School Apartments

124 Macey Avenue
Versailles, Kentucky
Call For Rent
1-3 BR

Willow Oaks Apartments

69 Woodson Dr
Versailles, Kentucky

Margaret Hall Manor

137 Elm St.
Versailles, Kentucky

Ryne Creek Apts.

404 Ryne Ct
Versailles, Kentucky
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Housing Authorities that serve Versailles

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

Guide To Affordable Housing in Versailles, Kentucky

There are 6 low income housing apartment communities offering 377 affordable apartments for rent in Versailles, Kentucky.

Income Based Apartments in Versailles, Kentucky

Versailles features 266 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Versailles, Kentucky

There are 111 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Versailles.

Housing Choice Vouchers in Versailles, Kentucky

On average, Section 8 Housing Choice vouchers pay Versailles landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Versailles.

The maximum amount a voucher would pay on behalf of a low-income tenant in Versailles, Kentucky for a two-bedroom apartment is between $772 and $944.

2020 Versailles, Kentucky Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Fair Market Rent $597 $678 $858 $1,189 $1,496
Payment Standard Range $537 to $657 $610 to $746 $772 to $944 $1,070 to $1,308 $1,346 to $1,646

Sourced from federal housing data and research.

Versailles, KY Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 377
Total Housing Units with Rental Assistance 266
Percentage of Housing Units Occupied By Renters 46.69%
Average Renter Household Size 2.54
Average Household Size 2.49
Median Household Income $39,204 ±$4,891
Median Rent $653 ±$71
Percentage Of Renters Overburdened 30.63% ± 7.39pp
Total Population 8,985

Population and Household Demographics

Versailles is a city in Woodford County, Kentucky with a population of 8,985. There are 3,566 households in the city with an average household size of 2.49 persons. 46.69% of households in Versailles are renters.

Income and Rent Overburden in Versailles

The median gross income for households in Versailles is $39,204 a year, or $3,267 a month. The median rent for the city is $653 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Versailles, a household making less than $2,177 a month would be considered overburdened when renting an apartment at or above the median rent. 30.63% of households who rent are overburdened in Versailles.

Area Median Income In Versailles

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 Versailles, the AMI is calculated from all households within Woodford County.

In Versailles, HUD calculates the Area Median Income for a family of four as $79,400

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 Versailles

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 HUD Rental Assistance in Versailles

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,700 $19,050 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $27,800 $31,800 $35,750 $39,700 $42,900 $46,100 $49,250 $52,450
80% of Median $44,450 $50,800 $57,150 $63,500 $68,600 $73,700 $78,750 $83,850