55 West Fifth

South Boston/ Boston

This new luxury apartment building is located one block from The Broadway T station and features new units with modern finishes. Amenities include an incredible common roof deck with incredible city views, An incredible location that offers access to public transportation, highway access, the Seaport and all that South Boston has to offer.

AMENITIES

Washer & Dryer
Stove/Oven
Dishwasher
Heating/Cooling
Rooftop Deck
Garage Parking

https://www.maloneyaffordable.com/wp-content/uploads/2021/10/origin-3.jpg

NEIGHBORHOOD

This neighborhood has the makings to fit any lifestyle. This location offers access to public transportation, highway access as well as groceries, top rated restaurants, salons, dog spas, and parks within walking distance.

JOIN OUR COMMUNITY / PRICING AND ELIGIBILITY

 

Current Availability:

Property# BedsRentMinimum IncomeIncome Limit (AMI)
Marquee at Andover2$1,566$46,98080%
Lux at Stoughton1$1,459$43,77080%
1330 Boylston1$2,045$61,350100%
The Overlook at St. GabrielsStudio$1,960$47,040150%
The Overlook at St. Gabriels1$2,317$55,608150%
Kimball Towers1$1,702$50,00080%
ContinuumStudio$1,125$27,000 70%
Essex Lofts1$1,826$54,78080%
Essex Lofts2$2,015$60,45080%
BLDG 89Studio$1,203$36,09070%
BLDG 891$1,410$42,30070%
BLDG 892$1,597$47,91070%
312 Spring Street1$1,410$42,30070%
Ropewalk1$1,410$42,30070%
Ropewalk2$1,597$47,91070%
339 West Broadway1$1,410$42,30070%
55 West Fifth StreetStudio$1,203$36,09070%
55 West Fifth Street1 $1,410$42,30070%
55 West Fifth Street2 $1,597$69.66070%
55 West Fifth Street2$2,322$69,660100%
One Newcomb PlaceMicro 1$1,269$45,68470%
One Newcomb Place2$1,597$57,49270%
One Newcomb Place3$1,789$64,40470%
The Smith- BPDA Certified Artists1 1,318$39,54070%
Fenway Triangle 1$2,467$59,208120%
Fenway Triangle2$2,626$63,024120%

 

   

BPDA Income Limits for 2021:

Household Size70% AMI80% AMI90% AMI100% AMI120% AMI150% AMI
1 Person$59,200$67,700$76,100$84,600$101,500$126,850
2 Person $67,650$77,350$87,000$96,650$116,000$145,000
3 Person$76,100$87,000$97,850$108,750$130,500$163,100
4 Person$84,550$96,650$108,700$120,800$144,950$181,200
5 Person$91,350$104,400$117,400$130,500$156,550$195,700
6 Person$98,100$112,150$126,100$140,150$168,150$210,200

MY INCOME MEETS THESE LIMITS!

Congratulations! This is an important first step in securing an affordable home for your household. The next step is to submit your completed rental application.

APPLICATION DISTRIBUTION PERIOD: October 11, 2021 – October 26, 2021

APPLICATION DEADLINE: October 26, 2021

To request an online application or to have one sent by email please contact us via email at 55WestFifth@maloneyproperties.com or phone at (781) 992-5305

After careful consideration and an abundance of caution, the City of Boston has decided to cancel the in-person application distribution period. If you cannot complete the application online, please call us at (781) 992-5305, to request that we mail you one and to ask us for any support or guidance you might need to complete the application.

Applications can be mailed to:
Maloney Properties, Inc.
Attn: 55 West FIfth Lottery
27 Mica Lane, Wellesley, MA 02481.

For more information, language assistance, or reasonable accommodations for persons with disabilities please call (781) 992-5305 or email 55WestFifth@maloneyproperties.com.

For more on BPDA program eligibility, please visit http://www.bostonplans.org/housing/faqs

Maloney Real Estate
Tel: 617-670-2600 / US Relay: #711
info@maloneyrealestate.com

LOTTERY PROCESS

Applications will be distributed between the dates stated above. Applications will be made available online, by mail, and in-person during the scheduled distribution times. Applicants that prefer to submit a hard copy of the application (versus the online application) are required to mail the completed application back to Maloney Properties, Inc. The application must be postmarked on or before the application deadline date. Applications will not be accepted by email.

1. Applicants who submit a complete application by the deadline will then be entered into the lottery.
2. All applicants will receive an application number.
3. The application number is used for the lottery to keep the identity of applicants confidential.
4. Maloney Properties will then conduct a lottery and each applicant will then be assigned a lottery number (lottery #1 being first).
5. Following the lottery, we will then show the units to the top applicants based on the lottery number and preferences. At this stage, we will begin to request supporting documentation (paystubs, bank statements, taxes, etc.).

Please note that entry in the Lottery Drawing does not constitute qualification or eligibility. Applicant’s eligibility will be determined post lottery.

FAQ / FREQUENTLY ASKED 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. Individuals may use the Income Calculation Package to get an idea of what their current annual income is and how it is calculated. This package includes instructions, a worksheet, a manual form, and examples. (The Zip folder will download directly to your computer.) Note that the Income Calculation Worksheet is intended for informational purposes only. Calculation results do not constitute approval for affordable housing.

When is the lottery?
The lottery date will not be scheduled until after the application deadline. The lottery is scheduled with the City of Boston Fair Housing & Equity Office 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.

Can I rent out my unit?
You must agree to live in this property as your principal place of residence. In no event are you allowed to rent the property.

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 marketing agent submits an applicant’s information to the BPDA, 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 by the marketing agent and the BPDA. 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 am a full-time student, am I eligible?
Full-time undergraduate students age 18 and over are not eligible to purchase or rent unless they are co-buyers/co-tenants with an immediate family member who is a non-full time student. Full-time graduate students without income are not eligible unless they are co-buyers/co-tenants with an immediate family member who is a non-full time student. The BPDA’s determination of full-time student status will be final.

I’ve heard that there is an asset cap. What is the cap?
The asset cap applies to households who are interested in renting or purchasing an income-restricted/affordable home. For units targeted to households at or below 80% of Area Median Income, the combined total assets of the household cannot exceed $75,000. For a household applying for a unit above the 80% income category, the combined total assets of the entire household cannot exceed $100,000. All liquid assets and real property are counted towards the cap except government approved college savings accounts, HSA accounts, and qualified retirement plans such as 401(k) plans, other IRA’s, Keogh plans, and pension plans, unless they are being liquidated to purchase a property. Applicants for affordable rental units can exceed the asset limitations if all of the household members are over the age of 65 years. In this instance, a household can have combined assets, including all retirement funds, of no more than $250,000. Real estate is valued by the current assessed value of real estate by the municipality or county. An individual’s actual equity in real estate is not considered.

I would like to appeal a decision regarding income or asset eligibility. How do I appeal?
The BPDA determination of income eligibility is based on material provided by each household, is administrative in nature, and therefore final when made. Applicants may seek an informal hearing on factual disputes by mailing a written request to BPDA Housing Compliance, One City Hall Square, Boston, MA 02201. Please note hearings will be held only upon recommendation of BPDA’s General Counsel so not all requests will result in appeals.

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 Boston Fair Housing Commission, who conducts the Lottery Drawing. Per the Boston 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 factors – not just the Lottery Number.