Riverwalk
Riverwalk is a residential development located in Salem – just minutes from Downtown. It features 4 buildings with a mix of 2- & 3-Bedroom condos. Riverwalk consists of 37 units, 4 of which are designated as income-restricted and will be sold to households earning at or below 60% AMI or 80% AMI (Area Median Income).
FEATURES
Elevator
On-Site Garage Parking Included
Additional, On-Site Storage (additional fees apply)
EV Chargers
Keyless Entry
Bike Storage
Fitness Center
Community Patio (with lounge seating, grilling stations, & firepit)
Community Club Room (with lounge seating, TV, & kitchenette)
Common Landscaped Lawn (adjacent to Danvers River)
Riverwalk
NEIGHBORHOOD
Salem is a coastal hub of rich history, diverse culture, vibrant arts scene, plentiful festivals, specialty shops and acclaimed dining. Conveniently located on the North Shore of Boston, Salem is in the middle of the action only 35 minutes from Boston's North Station on the MBTA commuter rail, 10 minutes to Route 128, 50 minutes to Boston's Long Wharf on the Salem Ferry, and 30 minutes to Logan International Airport.
JOIN OUR COMMUNITY / PRICING AND ELIGIBILITY
- Program: 40B
- Number of Income-Restricted Condominiums: 4 (One, 60% 2-Bedroom Unit, & Three, 80% 3-Bedroom Units)
- Condo Sizes: 2-Bedroom & 3-Bedroom
- Income-Restricted ADA Accessible Condos: 0
- Maximum Income Limit: 60% AMI & 80% AMI (Area Median Income) – Based on HUD Limits
- Asset Limit: $75,000
Building A Units will be released in March 2026; Building C Units will be released in November 2026; Building D Units will be released in December 2026
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 | # Beds | Price | Income Limit (AMI) | Units Available | Accessible Units |
|---|---|---|---|---|---|
| Riverwalk | 2-Bedroom | $208,250 | 60% | 1 | 0 |
| Riverwalk | 3-Bedroom | $326,150 | 80% | 3 | 0 |
| La Victoire | 2-Bedroom | $284,970 | 80% | 1 | 0 |
| La Victoire | 3-Bedroom | $416,707 | 80% (Minimum) - 100% (Maximum) | 1 | 0 |
| 22 Elm | 1-Bedroom | $230,488 | 80% | 6 | 0 |
| 22 Elm | 2-Bedroom | $258,596 | 80% | 13 | 2 Mobility - Open to All Applicants |
| 22 Elm | 3-Bedroom | $286,548 | 80% | 3 | 0 |
| 88 Hudson Street | 1-Bedroom | $227,244.55 | 80% | 1 | 0 |
| 405 Washington Street Condominium | 1-Bedroom | $219,500 | 80% | 4 | 0 |
| 405 Washington Street Condominium | 1-Bedroom | $287,400 | 100% | 1 | 0 |
| 405 Washington Street Condominium | 2-Bedroom | $258,500 | 80% | 1 | 0 |
2025 HUD Income Limits
| Household Size | 50% | 60% | 80% | 120% |
|---|---|---|---|---|
| 1 Person | $57,900 | $69,480 | $92,650 | $135,156 |
| 2 Person | $66,200 | $79,440 | $105,850 | $154,464 |
| 3 Person | $74,450 | $89,340 | $119,100 | $173,772 |
| 4 Person | $82,700 | $99,240 | $132,300 | $193,080 |
| 5 Person | $89,350 | $107,220 | $142,900 | $208,526 |
| 6 Person | $95,950 | $115,140 | $153,500 | $223,973 |
NEXT STEPS
APPLICATION DISTRIBUTION PERIOD: January 7, 2026 – March 9, 2026
APPLICATION DEADLINE: March 9, 2026
To download a PDF of the application to be mailed, emailed, or dropped off, please follow THIS LINK
For a list of First-Time Homebuyer (FTHB) resources, including FTHB Downpayment Assistance, please visit THIS WEBSITE or go to THIS LINK
Join the Wednesday, February 4, 2026, 12PM Information Session HERE
Email: Riverwalk@MaloneyProperties.com Phone (617) 531-7123 Ext 720 | US Relay 711
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 by preferences, followed by the lottery number. An Applicant’s “rank position” is determined by a combination of all the sorting factors.
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 $200-$300/month. These are subject to final pricing and beneficial ownership and will always be less than market-rate fees.
What utilities/services are included in the condo fee? Snow removal, landscaping, master insurance, elevator maintenance & inspection, building maintenance, trash removal, & water/sewer. Owner is responsible for all other utilities, including electricity (heating/cooling, hot water, cooking, & laundry) & cable/internet (optional). Gas is not a utility at this property.
Is the stove electric or gas? Electric.
Are the washer/dryer included? Yes, In-Unit (Electric).
Is parking available? On-site, garage parking is not included but available to purchase on a first-come, first-served basis for an additional fee (TBD).
Is storage available? Additional, on-site storage is available to purchase for an additional fee (TBD).
What is the pet policy? Pets are allowed. Service animals are permitted for no additional fees with proper documentation.
If you have additional questions about this property, please contact us using the form or contact information below.
Email: Riverwalk@MaloneyProperties.com