Affordable Housing In Woodford County
Kentucky
7 Low Income Apartment Communities In Woodford County
Versailles School Apartments
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Housing Authorities that serve Woodford County
| Housing Authority | Programs |
|---|---|
| Kentucky Housing Corporation | Section 8 Housing Choice Voucher (HCV) |
Guide To Affordable Housing in Woodford County, Kentucky
There are 7 low income housing apartment communities offering 401 affordable apartments for rent in Woodford County, Kentucky.
Income Based Apartments in Woodford County, Kentucky
Woodford County 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 Woodford County, Kentucky
There are 135 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Woodford County.
Housing Choice Vouchers in Woodford County, Kentucky
On average, Section 8 Housing Choice vouchers pay Woodford County landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Woodford County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Woodford County, Kentucky for a two-bedroom apartment is between $772 and $944.
2020 Woodford County, 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 AffordableHousingOnline.com research.
Woodford County, KY Affordable Housing Snapshot
| Total Affordable Apartment Properties | 7 |
|---|---|
| Total Low Income Apartments | 401 |
| Total Housing Units with Rental Assistance | 266 |
| Percentage of Housing Units Occupied By Renters | 31.01% |
| Average Renter Household Size | 2.54 |
| Average Household Size | 2.55 |
| Median Household Income | $58,750 ±$3,915 |
| Median Rent | $725 ±$30 |
| Percentage Of Renters Overburdened | 30.49% ± 5.74pp |
| Total Population | 25,317 |
Population and Household Demographics
Woodford County is a county in Kentucky with a population of 25,317. There are 9,802 households in the county with an average household size of 2.55 persons. 31.01% of households in Woodford County are renters.
Income and Rent Overburden in Woodford County
The median gross income for households in Woodford County is $58,750 a year, or $4,896 a month. The median rent for the county is $725 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Woodford County, a household making less than $2,417 a month would be considered overburdened when renting an apartment at or above the median rent. 30.49% of households who rent are overburdened in Woodford County.
Area Median Income In Woodford 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 Woodford County, 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 Woodford 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 HUD Rental Assistance in Woodford County
| 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 |
Cities In Woodford County
Select A City to View its Apartment Communities and Waiting Lists.
| City | Served By |
|---|---|
| Midway | The HUD funded Public Housing Agency that serves Midway is the Kentucky Housing Corporation. |
| Versailles | The HUD funded Public Housing Agencies that serve Versailles are the Housing Authority of Versailles and Kentucky Housing Corporation. |
