According to firefighters on the scene, a three alarm fire started at noon in Nicholasville on North Central Avenue, fully engulfing an apartment building.
At this point, fire crews are still battling to put out the flames.
They reported that at least four units have been destroyed.
The property manager said 11 apartments were hit and possibly 40 people have been effected.
The Red Cross is reported to be on the scene to gather families' needs for clothing, food, shelter, and other necessities.
Warming shelters have been set up for those displaced as well as for the fire department, as fire crews are having to work on rotation due to the extreme cold.
There have been no reports of injuries, and crews said that two cats in the complex were saved.
Officials said the complex will most likely be without electricity throughout the weekend.