Residence at 581 Salem Street
Residence at Salem Street is a residential development located off Interstate 95 in Wakefield, MA. This development consists of 19 rental apartments. 3 units are designated as income-restricted or “affordable” to households earning at or below 80% of Area Median Income (“AMI”) for the Boston-Cambridge-Quincy PMSA (“BCQ”).
THE DEADLINE FOR THIS LOTTERY WAS:
September 21, 2023
Thank you for your interest in Residence at 581 Salem Street. Click below to see our current affordable apartment rental opportunities.
If you applied to this lottery, Maloney will contact you by email with regular status updates after the lottery drawing. If you did not provide an email address, we’ll contact you by USPO at the mailing address you provided.
Onsite Parking (additional fees apply)
Business & Conference Room
Digital Intercom & Keyless Entry
Exterior Pet Waste Stations
Climate Controlled Trash Room
The Residence at 581 Salem Street has direct access to Route I95. It is a short travel to the Wakefield commuter rail. Less than one mile to MarketStreet, the Residence at 581 Salem Street is minutes from their dining and retail shops, where you will find options such as Whole Foods and Starbucks. There is also easy access to highways and public transportation.
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 also 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.
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.
What are the move-in fees? First month’s rent (prorated), last month’s rent, & security deposit equal to 1 month’s rent.
What utilities are included in the rent? None. Tenants are responsible for all utilities including electricity (cooking), gas (heating), water/sewer, cable & internet (optional).
Is the stove electric or gas? Electric.
Is the washer/dryer included? Yes. In-unit.
Is parking available? Parking will be available for an additional fee.
Is storage available? Additional storage is not included nor available to rent/purchase.
What is the pet policy? Small pets are allowed for an additional fee.
If you have additional questions about this property, please contact us.