440 Broadway
440 Broadway is a residential development in Chelsea consisting of 28 units. All units are designated as income-restricted and will be sold to households earning at or below 80% AMI or 100% AMI (Area Median Income).
FEATURES
Elevator
Garage Parking (additional fees apply)
NEIGHBORHOOD
JOIN OUR COMMUNITY / PRICING AND ELIGIBILITY
- Program: 40B/Commonwealth Builders (CWB)
- Number of Income-Restricted Condominiums: 28 (Six, 80% 1-Bedroom Units, Six, 80% 2-Bedroom Units, Two, 80% 3-Bedroom Units, Six, 100% 1-Bedroom Units, Six, 100% 2-Bedroom Units, & Two, 100% 3-Bedroom Units)
- Condo Sizes: 1-Bedroom, 2-Bedroom, & 3-Bedroom
- Income-Restricted ADA Accessible Condos: 2 (One, 80% 2-Bedroom Unit & One, 100% 1-Bedroom Unit built out for Households with Mobility Impairments)
- Maximum Income Limit: 80% AMI & 100% AMI (Area Median Income) – Based on HUD Limits
- Asset Limit: $155,000
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
| # Beds ↑ | Price ↕ | AMI % ↕ | # Units ↕ | Accessible ↕ | Additional Details ↕ |
|---|---|---|---|---|---|
| 1-Bedroom | $299,000 | 100% | 4 | 1 Mobility - Open to All Applicants | — |
| 1-Bedroom | $266,000 | 80% | 4 | — | — |
| 2-Bedroom | $339,000 | 100% | 4 | — | — |
| 2-Bedroom | $301,500 | 80% | 1 | 1 Mobility - Open to All Applicants | — |
| 3-Bedroom | $385,000 | 100% | 1 | — | — |
| 3-Bedroom | $337,000 | 80% | 2 | — | — |
2026 HUD Income Limits
| Household Size | 50% | 60% | 65% | 80% | 120% |
|---|---|---|---|---|---|
| 1 Person | $60,000 | $72,000 | $78,000 | $96,000 | $138,264 |
| 2 Person | $68,600 | $82,320 | $89,180 | $109,700 | $158,016 |
| 3 Person | $77, 150 | $92,580 | $100,295 | $123,400 | $177,768 |
| 4 Person | $85,700 | $98,760 | $111,410 | $137,100 | $197,520 |
| 5 Person | $92,600 | $111,120 | 120,380 | $148,100 | $213,322 |
| 6 Person | $99,450 | $119,340 | 129,285 | $159,050 | $229,123 |
NEXT STEPS
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 under 18 and other dependents in school full-time is not counted the same as other sources of income. Any such earnings above $480 in annual income would not be counted towards the income limit.
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 range from $335.92/month to $487.14/month, dependent on unit size and AMI%. Fees are subject to final pricing and beneficial ownership.
What utilities/services are included in the condo fee? Elevator maintenance and inspection, common area maintenance, common area utilities, snow removal, trash removal, master insurance, admin fees, replacement reserve, & water/sewer. Owners will be 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? No, In-Unit Hookups Only (Electric).
Is parking available? There are 19 garage parking spaces available to purchase for $20,000 on a first-come, first-served basis. If purchased, there is an additional $50/month added to the condo fee.
Please note – Owners at 440 Broadway will not be eligible for residential permit parking stickers.
Is storage available? Additional on-site storage is not included nor available to rent/purchase.
What is the pet policy? Pets are allowed with a limit of 2 pets per apartment, with a max weight limit of 50lbs each. Service animals are permitted with no additional fees with proper documentation.
If you have additional questions about this property, please contact us using the form or contact information below.
