Mason Place was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.
Mason Place has a project-based Section 8 contract. 126 of the 127 total units at the property receive Section 8 assistance. This means that 99% of the renter households in the property pay no more than 30% of their adjusted income for rent.
The current Section 8 contract was effective on October 05, 2004 and the contract expires on October 04, 2024. The Section 8 contract rent is 201.2% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,056.00 for Zero Bedroom, $1,261.00 for One Bedroom, and $1,567.00 for Two Bedroom.
44% of Massachusetts properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.
Low Income Housing Tax Credit
The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. . 126 of 127 units at Mason Place are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.