Applications Now Being Accepted!
North 116 Flats is located just north of the Town of Amherst and the UMass Campus. The property will have 38, Chapter 40B affordable apartments, which will be ready for occupancy in August 2020! Chapter 40B Housing is a program created in 1969, by the Commonwealth of Massachusetts, with a goal of allowing working families and seniors to remain in their communities when they might otherwise be priced out of the conventional housing marketing.
The 18-acre property will include an expansive 5,000 SF clubhouse complete with strength training and cardio center, yoga studio, community spaces, and onsite leasing and management. Outdoor amenities include green space, dog parks, outdoor fireplaces, grilling stations, and sports courts. All units will include stone countertops, faux hardwood floors, and in-unit washer/dryers.
North 116 Flats will have eight affordable one bedroom apartments, twenty-three affordable two bedroom apartments and seven affordable three bedroom apartments. Of these apartments one affordable 1 bedroom apartment and one affordable 2 bedroom apartment will have adaptive features for occupancy by persons with mobility impairments.
Heat, hot water and electricity are included in the affordable rents.
In order to be eligible for an affordable apartment:
- 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):
Maximum Allowed Income
1 Person Household: $47,850
2 person Household: $54,650
3 person Household: $61,500
4 person Household: $68,300
5 person Household: $73,800
6 person Household: $79,250
- In order for the rent to be considered affordable the applicant’s monthly income should be approximately 2.5 times the monthly rent. Households may have income less than 2.5 times the monthly rent if they have sufficient savings or have their own housing voucher.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).
- At move-in no household member can own a home. All homes must be sold prior to being approved to lease an affordable unit.
- 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.
- Households must occupy the unit as their principal residence.
- 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 which 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.
In early May we will begin contacting applicants on the waiting list to begin the process of verifying eligibility. In the meantime get your application in so you don’t miss an opportunity to rent one of these fabulous apartments! As part of our social responsibility, we will be going digital so contact us via Skype, FaceTime, Email or Text to get more information.
Persons with disabilities are entitled to request a reasonable accommodation in rules, policies, practices, or services, or to request a reasonable modification in the housing, when such accommodations or modifications may be necessary to afford a person with disabilities an equal opportunity to use and enjoy the housing.
*For more information please consult the information packet.