Gloucester Pier Condominiums

116 East Main Street Gloucester, MA 01930

Gloucester Pier Condominiums is a new residential townhouse development centrally located in the heart of Gloucester – just minutes from Good Harbor Beaches. The property consists of 8 condominiums, all 3-bedroom units. One of the condominiums is designated as income-restricted and will be sold to a household earning up to 80% AMI (Area Median Income).

FEATURES

Garage Parking Included
Central HVAC System
Minutes from Good Harbor Beach

https://www.maloneyaffordable.com/wp-content/uploads/2024/03/Gloucester-Pier-Front-Door-View.png

NEIGHBORHOOD

Gloucester is a coastal city on Cape Ann, in Massachusetts. Its fishing heritage is reflected in the harbor-side Fisherman’s Memorial, with a statue and names of those lost at sea. Cape Ann Museum has work by 1800s maritime artist Fitz Henry Lane. East, the sands of Good Harbor Beach extend to Salt Island at low tide. Southwest, 1920s medieval-style Hammond Castle Museum is located. Situated close to beaches, restaurants, art studios, theater and all Cape Ann has to offer, breathe in the ocean air from your primary bedroom’s private balcony overlooking Gloucester's picturesque harbor.

JOIN OUR COMMUNITY / PRICING AND ELIGIBILITY

  • Program: 40B
  • Number of Income-Restricted Condominiums: 1
  • Condo Size: 3-Bedroom
  • Income-Restricted ADA Accessible Condos: 0
  • Maximum Income Limit: 80% AMI (Area Median Income) – Based on HUD Limits
  • Asset Limit: $75,000

Asset Limit does not include retirement but does include the assessed value of real estate owned by applicants.

Income limits and purchase prices are determined by HUD on an annual basis. To find out more about the current year’s limits, please visit this link.

Current Condo Listings

Property# BedsPriceIncome Limit (AMI)Units AvailableAccessible Units
Cable Mills1-Bedroom$155,00080%20
Gloucester Pier Condominiums3-Bedroom$293,95080%10
71 Bow Street2-Bedroom$229,41080%20
71 Bow Street1-Bedroom + Study$278,64981% (Minimum) - 110% (Maximum)10
71 Bow Street2-Bedroom$335,83481% (Minimum) - 110% (Maximum)10
68 Church Green2-Bedroom$216,00080%40
68 Church Green2-Bedroom$282,000100%260

2024 HUD Income Limits

Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
Household Size50%80% 120%
1 Person$57,100$91,200 $137,040
2 Person$65,300$104,200 $156,720
3 Person$73,450$117,250 $176,280
4 Person$81,600$130,250 $195,840
5 Person$88,150$140,700 $211,560
6 Person$94,700$151,100 $227,280

NEXT STEPS

The next step is to request an application. 

APPLICATION DISTRIBUTION PERIOD: March 4, 2024 – May 4, 2024

APPLICATION DEADLINE: May 4, 2024 

 

Informational Sessions:

Wednesday, April 3, 2024 & Wednesday, April 10, 2024 @ 12pm

https://maloneyproperties.zoom.us/j/88080337481?pwd=KFa90n3Vgovnnhqogc09b5EnFublfB.1

Meeting ID: 880 8033 7481

Passcode: 834507

One tap mobile

+13052241968,,88080337481#,,,,*834507# US

+13092053325,,88080337481#,,,,*834507# US

Email: GloucesterPier@MaloneyProperties.com Phone (617) 639-3064 Ext 713 | US Relay 711

Free language assistance is available for those whose primary language is not English or have limited English proficiency. For more information or reasonable accommodations for persons with disabilities, please contact us.

LOTTERY PROCESS

When is the lottery? The lottery date will not be scheduled until after the application deadline. The lottery is scheduled and the lottery date is typically held 4-5 weeks after the application deadline. All applicants will receive notification of the date, time, and location of the lottery, as well as their application number. The lottery will be open to the public.

Do I have to attend the lottery? No. All applicants will be notified of their lottery number after the lottery.

When will I be contacted? We will begin contacting only the top applicants following the lottery drawing.

What is my Application Number and Lottery Number? We will mail a letter to all Applicants entered in the Lottery Drawing providing their unique application Number. We will mail out a second notification letter after the lottery has taken place. The lottery number is assigned by the person who conducts the Lottery Drawing. Per the Fair Housing Commission guidelines, applications will be sorted by bedroom size and income level, then for preferences, followed by the lottery number. An Applicant’s “rank position” is determined by a combination of all the sorting factor.

FAQ / FREQUENTLY ASKED QUESTIONS

Income Questions:

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 in school/college under the age of 18 is not considered towards the income of the household.

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 Questions:

What are the condo fees? The condo fees are estimated to be $250/month.

What utilities are included in the condo fee? Master insurance, landscaping, snow removal, fire panel monitoring, management fees, reserves, & water/sewer. Owner is responsible for gas (heating/cooling & cooking), electricity (laundry), & cable/internet (optional).

Is the stove electric or gas? Gas.

Are the washer/dryer included? No. Hookups are on the 3rd floor (Electric).

Is parking available? The condo comes with one deeded garage parking space.

Is storage available? Additional storage is not included nor available to rent/purchase.

What is the pet policy? Ordinary domestic pets are allowed.

If you have additional questions about this property, please contact us using the form or contact information below.

Tel: (617) 639-3064 Ext 713 – US Relay 711
Email: GloucesterPier@MaloneyProperties.com