The Basin
The Basin is located on the shores of Lake Quannapowitt in Wakefield. It is a residential redevelopment parcel designed to orient around Lake Quannapowitt. Out of 440 units 79 units will be designated as income-restricted or “affordable” to households earning at or below 80% of Area Median Income (“AMI”) for the Boston-Cambridge-Quincy MSA (“BCQ”).
This property will be broken up into three (3) lottery phases. Phase 1 will have 12 units available. Breakdown is in the 'Eligibility' Section below!
FEATURES
Elevator
Bike Storage
Fitness Center
On-Site Restaurant
Common Lounges
Common Rooftop Terraces
Lakeside Walking Path
Co-Working Spaces
Outdoor Grilling Areas
Outdoor Pool
NEIGHBORHOOD
Located less than 13 miles from Boston in the Greater Boston metropolitan area is Wakefield, a bustling community complete with a sparkling lake centered in the heart of its locale, popular green spaces, and a central location close to urban amenities without sacrificing the close-knit atmosphere of suburban living.
Wakefield is home to affluent neighborhoods with leafy streets and walkable access to restaurants, shops, and entertainment. Its family-friendly environment and ample education possibilities attract many people from all over Boston to live here, including families and high-profile professionals. The Basin residents will have easy commuting access to Boston and beyond with an I-95/128 exit on either side of the site and a shuttle service to the MBTA Commuter Rail.
JOIN OUR COMMUNITY / PRICING AND ELIGIBILITY
Minimum income limits apply unless the household receives mobile housing assistance (including, but not limited to: VASH, Section 8 and MRVP).
- Program: Inclusionary Zoning (IZ)
- Number of Income-Restricted Apartments: 79 (Five Studio Units, Forty-Four 1-Bedroom Units, Twenty-Six 2-Bedroom Units, & Four 3-Bedroom Units) Phase 1 has 12 Units (One Studio Unit, Seven 1-Bedroom Units, Three 2-Bedroom Units, & One 3-Bedroom Unit)
- Apartment Sizes: Studio, 1-Bedroom, 2-Bedroom, & 3-Bedroom
- Income-Restricted, ADA-Accessible Apartments: 4 (One Studio Unit, One 1-Bedroom Unit, One 2-Bedroom Unit, & One 3-Bedroom Unit built out for households with Mobility Impairments.) Phase 1 has 2 ADA Units (One 2-Bedroom Unit & One 3-Bedroom unit built out for households with Mobility Impairments)
- Maximum Income Limit: 80% AMI (Area Median Income) — Based on HUD Limits
- Asset Limit: No asset limit for 40B
Income and rent limits are determined by HUD on an annual basis, typically changes are made in Spring. To find out more about the current year’s limits, please visit this link.
Current Rental Availability
| Property | # Beds | Rent | Minimum Income | Income Limit (AMI) | Units Available | Accessible Units |
|---|---|---|---|---|---|---|
| The Indie | Studio (Certified Artist) | $1,130 | $33,900 | 60% | 1 | 0 |
| The Artemis at Arlington Heights | 1-Bedroom | $2,250 | $67,500 | 80% | 3 | 0 |
| The Charley | Studio | $967 | $29,010 | 50% | 2 | 0 |
| The Charley | Studio | $1,383 | $41,490 | 70% | 4 | 1 Unit built out for Households with Mobility Impairments |
| The Charley | 1-Bedroom | $1,621 | $48,630 | 70% | 7 | 1 Unit built out for Households with Mobility Impairments |
| The Charley | 2-Bedroom | $1,837 | $55,110 | 70% | 2 | 1 Unit built out for Households with Mobility Impairments |
| The Charley | 1-Bedroom (ADA-M Unit) | $2,107 | $63,210 | 90% | 1 (ADA-M Unit) | 1 Unit built out for Households with Mobility Impairments |
| The Charley | 3-Bedroom | $2,683 | $80,490 | 90% | 1 | 0 |
| The Basin | Studio | $2,051 | $54,147 | 80% | 1 | 0 |
| The Basin | 1-Bedroom | $2,301 | $60,747 | 80% | 7 | 0 |
| The Basin | 2-Bedroom | $2,541 | $67,083 | 80% | 3 | 1 Unit built out for Households with Mobility Impairments |
| The Basin | 3-Bedroom (ADA-M Unit) | $2,766 | $73,023 | 80% | 1 (ADA-M Unit) | 1 Unit built out for Households with Mobility Impairments |
| 402-410 Washington Street | 1-Bedroom | $2,100 | $63,000 | 80% | 2 | 0 |
| Maxwell | 1-Bedroom | $2,150 | $64,500 | 80% | 1 | 1 Unit built out for Households with Mobility Impairments |
| The Tremont | 2-Bedroom | $2,746 | $82,380 | 80% | 1 | 0 |
| Cable Mills | 2-Bedroom Condo | $185,000 (Purchase Price) | - | 80% | 1 | 0 |
| The Cove | 2-Bedroom | $2,587 | $77,610 | 80% | 1 | 0 |
| The Cove | 1-Bedroom | $2,195 | $65,850 | 80% | 1 | 0 |
| Beacham Street Apartments | 1-Bedroom | $2,100 | $63,000 | 80% | 4 | 0 |
| Essex Landing | 1-Bedroom | $2,100 | $63,000 | 80% | 2 | 0 |
| Jefferson Station | 1-Bedroom | $2,324 | $69,720 | 80% | 1 | 0 |
| Jefferson Station | 2-Bedroom | $2,739 | $82,170 | 80% | 1 | 0 |
| 536 Broadway | 1-Bedroom | $2,100 | $63,000 | 80% | 1 | 0 |
| 536 Broadway | 2-Bedroom | $2,567 | $77,710 | 80% | 1 | 0 |
| Prynne Hills | 1-Bedroom | $2,227 | $66,810 | 80% | 1 | 0 |
| Prynne Hills | 2-Bedroom | $2,441 | $73,230 | 80% | 1 | 0 |
| The Overlook at St. Gabriel's | 2-Bedroom | $3,704 | $111,120 | 150% | 1 | 0 |
| The Overlook at St. Gabriel's | 1-Bedroom | $3,079 | $92,370 | 150% | 1 | 0 |
| The Overlook at St. Gabriel's | Studio | $2,833 | $84,990 | 150% | 1 | 0 |
| The Overlook at St. Gabriel's | Studio | $2,683 | $80,490 | 150% | 1 | 0 |
| The Overlook at St. Gabriel's | Micro Studio | $2,533 | $75,990 | 150% | 1 | 0 |
| Mason | 1-Bedroom | $2,288 | $68,640 | 80% | 2 | 1 |
| The Huntington | 2-Bedroom | $2,746 | $82,380 | 80% | 1 | 0 |
| Halstead Burlington | Studio | $2,050 | $55,350 | 80% | 1 | 0 |
| Halstead Burlington | 1 - Bedroom | $2,200 | $59,400 | 80% | 1 | 0 |
| Halstead Burlington | 2 - Bedroom | $2,550 | $68,850 | 80% | 1 | 0 |
| The Reserve at Burlington | Studio | $2,000 | $52,800 | 80% | 2 | 0 |
| The Reserve at Burlington | 1-Bedroom | $2,250 | $59,400 | 80% | 1 | 0 |
| Ellington Metro West | 1-Bedroom | $1,803 | $54,090 | 80% | 1 | 0 |
| Ellington Metro West | 2-Bedroom | $1,978 | $59,340 | 80% | 2 | 0 |
| 176-178 Washington | 1-Bedroom | $2,100 | $63,000 | 80% | 1 | 0 |
| Arlington 360 | 1-Bedroom | $2,265 | $67,950 | 80% | 1 | 0 |
| Gateway at Millis | 2-Bedroom | $2,472 | $74,160 | 80% | 1 | 0 |
| Essex Street Lofts | Studio | $1,492 | $44,760 | 80% | 3 | 0 |
| Essex Street Lofts | 1-Bedroom | $1,685 | $50,550 | 80% | 4 | 1 Unit built out for Households with Mobility Impairments |
| Essex Street Lofts | 2-Bedroom | $1,862 | $55,860 | 80% | 1 | 0 |
| Lux | 1-Bedroom | $1,981 | $59,430 | 80% | 1 | 0 |
| Lux | 2-Bedroom | $2,361 | $70,830 | 80% | 2 | 0 |
| The Nines | Studio | $2,172 | $65,160 | 80 | 1 | 0 |
| The Nines | 1-Bedroom | $2,465 | $73,950 | 80% | 1 | 0 |
| Arris | 2-Bedroom | $2,646 (Minimum Income $91,201) | $91,201 | 110% | 1 | 0 |
| Prospect Union Square | Studio | $2,211 (Minimum Income $91,201) | $91,201 | 110% | 2 | 1 Unit built out for Households with Mobility Impairments |
| 7Ink | Single Room Occupancy (SRO) | $1,214 | $36,420 | 70% | 1 | 0 |
| 525 Linc | Single Room Occupancy (SRO) | $1,138 | $34,140 | 70% | 3 | 0 |
| Oxbow Wayland | 1-Bedroom (Age-Restricted 55+) | $2,150 | $64,500 | 80% | 1 (Age-Restricted 55+) | 0 |
| South Standard | Studio | $2,350 | $56,400 | 150% | 1 | 0 |
| Anthem Everett | 1-Bedroom (ADA-M Unit) | $2,140 | $64,200 | 80% | 1 (ADA-M Unit) | 1 Unit built out for Households with Mobility Impairments |
| The Aven at Newton Highlands | 2-Bedroom | $2,626 | $78,780 | 80% | 3 | 0 |
| Helix | Studio | $2,178 | $57,499 | 80% | 1 | 0 |
| Essex Landing | 1 - Bedroom | $2,100 | $63,000 | 80% | 2 | 0 |
| Hamilton Green | 2 - Bedroom | $2,044 | $61,320 | 80% | 1 | 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
Join the Wednesday, March 12, 2025 12pm Information Session Here
Email: TheBasin@MaloneyProperties.com Phone: (617) 639-3064 Ext 755 | US Relay 711
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 who 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.
INCOME & ELIGIBILITY QUESTIONS / FAQ
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.
LOTTERY QUESTIONS / FAQ
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.
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.
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 factors – not just the Lottery Number.
PROPERTY & COMMUNITY QUESTIONS / FAQ
Property Questions:
What are the move-in fees? First month’s rent (prorated) & a security deposit up to one month’s rent, contingent upon credit screening. Lock & key fee applied at move-in.
What utilities are included in the rent? None. Tenants are responsible for all utilities including electricity (heating/cooling, hot water, cooking, & laundry), water/sewer, & cable/internet (optional). Gas is not a utility at this property.
Is the stove electric or gas? Electric
Is the washer/dryer included? Yes In-unit (Electric)
Is parking available? On-site parking is available to rent on a first-come, first-served basis for an additional $50/month for a surface space or $150/month for a garage space. The prices are based on the current market rate and are subject to change.
Is storage available? Additional on-site storage is available to rent on a first-come, first-served basis for an additional fee per month (TBD).
What is the pet policy? Pets are allowed for an additional $60/month with a maximum of 3 pets per apartment. The fee is subject to change. 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: TheBasin@MaloneyProperties.com