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There are 30 low-income apartments in Cold Spring that offer reduced rents to eligible households.
Rental assistance programs support 0 low-income homes in Cold Spring where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $284 towards rent each month.
Affordable rent data for some communities last confirmed on July 16th, 2020. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Cold Spring, Kentucky
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
| Housing Authority | Programs |
|---|---|
| Campbell County Department of Housing | Section 8 Housing Choice Voucher (HCV) |
| PinevilleBell County Community Dev Agency | Section 8 Housing Choice Voucher (HCV) |
Cold Spring, Kentucky Affordable Housing Data
Income Based Apartments in Cold Spring, Kentucky
Cold Spring features 0 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 Cold Spring, Kentucky
There are 30 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Cold Spring.
Housing Choice Vouchers in Cold Spring, Kentucky
On average, Section 8 Housing Choice vouchers pay Cold Spring landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Cold Spring.
The maximum amount a voucher would pay on behalf of a low-income tenant in Cold Spring, Kentucky for a two-bedroom apartment is between $1,076 and $1,315.
2024 Cold Spring, 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 | |
|---|---|---|---|---|---|
| Cold Spring, Kentucky Fair Market Rent | $810 | $919 | $1,195 | $1,588 | $1,766 |
| Cold Spring, Kentucky Payment Standard Range | $729 to $891 | $827 to $1,011 | $1,076 to $1,315 | $1,429 to $1,747 | $1,589 to $1,943 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Cold Spring, KY Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 30 |
| Total Housing Units with Rental Assistance | 0 |
| Percentage of Housing Units Occupied By Renters | 13.64% |
| Average Renter Household Size | 1.96 |
| Average Household Size | 2.26 |
| Median Household Income | $63,354 ±$6,536 |
| Median Rent | $874 ±$159 |
| Percentage Of Renters Overburdened | 55.83% ± 24.4pp |
| Total Population | 6,111 |
Population and Household Demographics
Cold Spring is a city in Campbell County, Kentucky with a population of 6,111. There are 2,706 households in the city with an average household size of 2.26 persons. 13.64% of households in Cold Spring are renters.
Income and Rent Overburden in Cold Spring
The median gross income for households in Cold Spring is $63,354 a year, or $5,280 a month. The median rent for the city is $874 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cold Spring, a household making less than $2,913 a month would be considered overburdened when renting an apartment at or above the median rent. 55.83% of households who rent are overburdened in Cold Spring.
Area Median Income In Cold Spring
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 Cold Spring, the AMI is calculated from all households within Campbell County.
In Cold Spring, HUD calculates the Area Median Income for a family of four as $103,600
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 Cold Spring
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 Cold Spring
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person | |
|---|---|---|---|---|---|---|---|---|
| 30% AMI Income Limits Renters earning up to 30% of the Cold Spring AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$21,250 | $24,300 | $27,350 | $30,350 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Cold Spring AMI may qualify for rental assistance programs that target Very Low Income households. |
$35,400 | $40,450 | $45,500 | $50,550 | $54,600 | $58,650 | $62,700 | $66,750 |
| 80% AMI Income Limits Renters earning up to 80% of the Cold Spring AMI may qualify for rental assistance programs that target Low Income households. |
$56,650 | $64,750 | $72,850 | $80,900 | $87,400 | $93,850 | $100,350 | $106,800 |
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