The Beacon
The Beacon is a 34-unit, four-story condominium complex. 6 of the units are designated as income-restricted, and will be sold to households earning at or below 80% AMI or 110% AMI (Area Median Income) for the Boston-Cambridge-Quincy MSA (“BCQ”).
FEATURES
Elevator
Included Garage Parking
Fitness Center
Package & Mail Room
Bike Storage
Common Lobby
Common Rooftop Terrace (with lounge areas & grilling stations)
Common Outdoor Patio
NEIGHBORHOOD
The Beacon is located within one mile of the Newton Center, Waban, and Lincoln Street MBTA Green line stations. It also has good access to transportation with a bus route on Walnut Street.
JOIN OUR COMMUNITY / PRICING AND ELIGIBILITY
- Program: 40B
- Number of Income-Restricted Condominiums: 6 (Two, 80% 1-Bedroom Units, One, 80% 2-Bedroom Unit, One, 110% 1-Bedroom Unit, One, 110% 2-Bedroom Unit, & One, 110% 3-Bedroom Unit)
- Condo Sizes: 1-Bedroom, 2-Bedroom, & 3-Bedroom
- Income-Restricted ADA Accessible Condos: 0
- Maximum Income Limits: 80% AMI & 110% AMI (Area Median Income) – Based on HUD Limits
- Asset Limits: $75,000 (80% AMI); $150,000 (110% AMI)
Asset Limits do not include retirement but do 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 |
|---|---|---|---|---|---|
| The Beacon | 1-Bedroom | $256,600 | 80% | 2 | 0 |
| The Beacon | 2-Bedroom | $302,000 | 80% | 1 | 0 |
| The Beacon | 1-Bedroom | $370,000 | 110% | 1 | 0 |
| The Beacon | 2-Bedroom | $456,500 | 110% | 1 | 0 |
| The Beacon | 3-Bedroom | $462,300 | 110% | 1 | 0 |
| The Preserve at Olmsted Green | 2-Bedroom | $420,000 | 120% | 2 | 0 |
| Cable Mills 3-Bedroom | 3-Bedroom | $220,000 | 80% | 1 | 0 |
| Vesta | 2-Bedroom (ADA-M Unit) | $334,700 | 80% (Minimum) - 100% (Maximum) | 1 (ADA-M Unit) | 1 Unit built out for Households with Mobility Impairments |
| 68 Church Green Townhomes | 2-Bedroom | $282,000 | 100% | Only 8 left! | 0 |
| Cable Mills | 1-Bedroom | $155,000 | 80% | 2 | 0 |
2024 HUD Income Limits
| Household Size | 50% | 80% | 120% |
|---|---|---|---|
| 1 Person | $57,100 | $91,200 | $125,076 |
| 2 Person | $65,300 | $104,200 | $142,944 |
| 3 Person | $73,450 | $117,250 | $160,812 |
| 4 Person | $81,600 | $130,250 | $178,680 |
| 5 Person | $88,150 | $140,700 | $192,974 |
| 6 Person | $94,700 | $151,100 | $207,269 |
NEXT STEPS
APPLICATION DISTRIBUTION PERIOD: February 19, 2025 – April 20, 2025
APPLICATION DEADLINE: April 20, 2025
Find out about Newton’s Downpayment Assistance Program HERE
Join the Wednesday, March 12, 2024 1PM Information Session HERE
Email: TheBeacon@MaloneyProperties.com Phone (617) 531-7123 Ext 781 | 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 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 range from $111-$200.68/month. These are subject to final pricing and beneficial ownership.
What utilities are included in the condo fee? Common area building maintenance, exterior maintenance including landscaping, roadway snow plowing and sanding, common area utilities, insurance, & water/sewer. Owner is responsible for gas (heating/cooling, hot water, & cooking), electricity (general & laundry), & cable/internet (optional).
Is the stove electric or gas? Gas.
Are the washer/dryer included? No. Hookups are in-unit (Electric).
Is parking available? Each unit 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? Pets are allowed. Breed restrictions apply. 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: TheBeacon@MaloneyProperties.com