The Elms
The Elms, Income Restricted Apartment Rentals in Wakefield Ma. This newly constructed boutique community features a four-story building offering a private and inclusive upscale living experience directly on the northern shores of Lake Quannapowitt [The Bay State Banner]. Each thoughtfully designed one-, two-, and three-bedroom floor plan boasts bright, open-concept layouts illuminated by oversized windows, premium stone countertops, sleek stainless steel appliances, and high-end modern finishes. Designed for an effortless, low-maintenance lifestyle, the property offers premium elevator access, meticulous professional landscaping, and dedicated private parking. Whether you are drinking in the sweeping waterfront views from your living room or stepping outside your door to enjoy the lake's premier walking trails, The Elms delivers the ultimate blend of natural beauty, suburban peace, and refined modern design.
FEATURES
Ample Parking
Elevator Access
Scenic Surroundings
Near by to Lake Quannapowitt and nature trails
NEIGHBORHOOD
Located directly across the street from the scenic northern shores of Lake Quannapowitt. This neighborhood perfectly blends active outdoor living with suburban convenience, offering residents instant access to the lake's popular continuous loop for walking, running, and cycling. The location is just a short drive from Wakefield’s charming, revitalized downtown area—filled with local boutiques, grocery stores, and neighborhood restaurants—as well as the upscale outdoor shops and dining at MarketStreet Lynnfield. For commuters, the area provides excellent transit options, including quick access to the Wakefield Commuter Rail Station for direct trains into Boston's North Station, and immediate entry onto Interstate 95 / Route 128 to easily navigate the region's technology belt.
FIRST COME, FIRST SERVED / PROCESS
Please note, this is not a lottery. Applications for The Elms are processed on a first come, first served basis, as apartments become available.
If there is no current availability, applications are added to the waiting list and are reviewed upon receipt to ensure completion and proper documentation only. Applications will then be reviewed for eligibility when they are reached on the waiting list.
Applicants will be emailed upon receipt of their application and upon each application review. Please check your email regularly.
JOIN OUR COMMUNITY / AVAILABILITY & ELIGIBILITY
The Elms is a mixed-income community offering affordable apartment rentals. Eligibility and income restrictions apply. Find current availability and income limits in the table below.
Minimum income limits apply unless the household receives mobile housing assistance (including, but not limited to: VASH, Section 8 and MRVP).
- Program: 40B
- Number of Income-Restricted Apartments: 9
- Apartment Sizes: One Bedroom, Two Bedroom, Three Bedroom
- Income-Restricted, ADA-Accessible Apartments: 1 – One Bedroom
- Maximum Income Limits: 80% AMI (Area Median Income) — Based on HUD Limits
- Asset Limit: No asset limit for 40B.
Current Rental Availability
2026 HUD Income Limits
| Household Size | 50% | 60% | 65% | 80% | 120% |
|---|---|---|---|---|---|
| 1 Person | $60,000 | $72,000 | $78,000 | $96,000 | $138,264 |
| 2 Person | $68,600 | $82,320 | $89,180 | $109,700 | $158,016 |
| 3 Person | $77, 150 | $92,580 | $100,295 | $123,400 | $177,768 |
| 4 Person | $85,700 | $98,760 | $111,410 | $137,100 | $197,520 |
| 5 Person | $92,600 | $111,120 | 120,380 | $148,100 | $213,322 |
| 6 Person | $99,450 | $119,340 | 129,285 | $159,050 | $229,123 |
NEXT STEPS
INCOME & ELIGIBILITY QUESTIONS / FAQ
How is my income calculated?
The household income is calculated based on the gross income of the household. Commissions, bonuses and other regular payments are included and considered part of the gross annual income.
I didn’t file taxes last year. What do I need to provide?
Individuals or households who did not file taxes must provide a verification of non-filing from the IRS in lieu of a tax return. To obtain the verification of non-filing, applicants should fill out a 4506-T form and file it by mail or hand-deliver it to an IRS office. The IRS will mail back a letter of verification which must be provided with the income materials given to the marketing agent. See the IRS website to download a 4506-T form.
I received a pay raise between the time I picked up an application and the time I was income certified and now I am over the income limit. What do I do?
Income is calculated at the time the applicant submits an application to the lottery agent, not during the application process or at the time of the lottery. Eligibility must be maintained from the time of the application pick up until after income certification verification. Unfortunately, if an applicant’s income is over the income limit, the applicant will not be eligible for the particular unit for which they applied.
I have children in school/college, how does this affect my application?
Income from children under 18 and other dependents in school full-time is not counted the same as other sources of income. Any such earnings above $480 in annual income would not be counted towards the income limit.
Are student loans considered income?
Student loans are not considered income and may not be used to income qualify.
I am separated from my spouse, does this affect my application?
Legally married couples shall both be considered part of the household, even if separated. Applicants with additional questions regarding this policy must speak with the marketing agent/seller.
I would like to appeal a decision regarding income eligibility. How do I appeal? Applicants who are rejected will receive a rejection letter in writing and will be given 7 days for the opportunity to appeal the decision.
PROPERTY & COMMUNITY QUESTIONS / FAQ
What utilities are included in the rent? Water and sewer
Is the stove electric or gas? Electric
Is the washer/dryer included? Yes – Electric
Is parking available? Yes
Is storage available ? No storage is available
What is the pet policy? Small dogs and cats allowed
Is there a monthly pet fee? No pet fee
What is due at Lease Signing? 1st month rent and last month rent
If you have questions about this property, please contact us.
Email:
