North 116 Flats’ Affordable 40B Apartment Homes offer income‑qualified residents the opportunity to enjoy an upscale lifestyle at an attainable rate, with modern floor plans, premium finishes, in‑home laundry, and full access to our luxury amenities. Thoughtfully designed for comfort and peace of mind, our community features contemporary living spaces, attentive on‑site management, and inviting shared areas that elevate everyday living. Close to shopping, dining, and outdoor recreation, North 116 Flats blends the feel of a modern luxury retreat with the warm, dependable atmosphere of home—without compromising affordability.
SMART Housing FAQs
40B affordable housing is a Massachusetts program that allows properties to provide a percentage of affordable housing units. Max rent amounts are released each year by the Department of Housing and Urban Development.
1. Households must have income and assets below 80% of the Area Median Income for Franklin, MA, as published by the U.S. Department of Housing and Urban Development (HUD)
2. Income from assets will be counted as follows: the greater of the actual income earned on the assets or .06% of the current asset value (for total assets over $5,000.00). If an applicant divests him/herself of an asset for less than full and fair cash value within the two years prior to applying, the full and fair cash value of the asset will be included for purposes of calculating eligibility.
3. At move-in, no household member can own a home. All homes must be sold prior to being approved to lease an affordable unit.
4. Household members or their families, who have a financial interest in the development or are considered a Related Party are not eligible to lease an affordable unit.
5. Households must occupy the unit as their principal residence.
6. The 40B affordable units are not intended to be used as student assistance. Therefore, there are specific rules about the types of students who are eligible to rent the affordable units. A household that contains an ineligible student is not eligible to lease an affordable unit. The eligibility of students will be verified at move-in, initial certification, and annually thereafter.
Our 40B program offers a variety of floor plans; however, these rates apply to a fixed number of units, and we are unable to add any additional units to this program.
Affordable housing availability varies by floorplan. Our one‑ and three‑bedroom homes currently have longer waitlist times, typically ranging from 1–2 years. Our two‑bedroom homes, however, have more immediate availability. We encourage interested applicants to join the waitlist as early as possible.
Max rent amounts are determined by the Department of Housing and Urban Development each year. For 2024-2025, pricing is as follows:
- One bedroom- $1350.00
- Two bedroom- $1509.00
- Three bedroom- $1622.00
For our 40b program, prospects will apply as a household, and they will need to qualify based on the entire household income. If they do not qualify, this would be as a whole, and the household composition would need to change in order to be reassessed.
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