Mass Pike Towers was developed and operates with Federal housing financing. The property utilizes the Project Based Sec. 8 Federal housing program to make rent affordable to lower income tenants.
Mass Pike Towers has a project-based Section 8 contract. 40 of the 200 total units at the property receive Section 8 assistance. This means that 20% 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 December 01, 2014 and the contract expires on November 30, 2034. The Section 8 contract rent is 149.2% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,261.00 for One Bedroom, $1,567.00 for Two Bedroom, and $1,945.00 for Three 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.