Mayor Thomas M. Menino will announce Saturday morning Hyde Park’s Blake Estates will remain affordable for an additional 20 years.

Blake Estates is a 263-unit complex that serves both elderly and disabled residents. The current Section 8 contract for the property was to terminate this year, however, Beacon Residential Properties, the owner, has agreed to extend the contract with the U.S. Department of Housing & Urban Development until the year 2030.

The Section 8 contract provides rental subsidies that allow seniors to pay no more than 30 percent of their income towards rentm according to a statement.

In addition to the extended affordability, Beacon is in the process of modernizing the common areas of the development and in the next two months will complete renovations that include a country kitchen, fitness center, library media center, wellness center and a resident community room.