CWB Homeownership - Active Lottery

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)

Online Application

440 Broadway, Chelsea, MA 02150

Total homes

1–3

Bedrooms

$266K

Starting from

August 8, 2026

Application Deadline

Available Homes

28 Income-Restricted Units

Pricing & Condo Fees vary by AMI% and Unit Size

80% AMI Units

Unit Count	Condo Size	Estimated Square Feet	Price	Estimated Condo Fees	Accessibility Units
6	1-Bedroom	730	$266,000	$335.87/mo	—
6	2-Bedroom	950	$301,500	$380.66/mo	1 Mobility
2	3-Bedroom	1175	$337,000	$425.45/mo	—

100% AMI Units

Unit Count	Condo Size	Estimated Square Feet	Price	Estimated Condo Fees	Accessibility Units
6	1-Bedroom	730	$299,000	$377.97/mo	1 Mobility
6	2-Bedroom	950	$339,000	$428.07/mo	—
2	3-Bedroom	1175	$385,000	$487.22/mo	—

Eligibility

Maximum Income Limits

Set by HUD. Based on Household Size & AMI%

Program: CommonWealth Builder (CWB)

Asset Limit

$155,000

Excludes retirement accounts; includes real estate.

Post-Closing Asset Limit

$75,000

Restricted to 11 80% AMI Units with HOME funding

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.

Household Size	80% AMI	100% AMI
1-Person	$96,000	$120,000
2-Person	$109,700	$137,200
3-Person	$123,400	$154,300
4-Person	$137,100	$164,600
5-Person	$148,100	$185,200
6-Person	$159,050	$198,900

2026 Area Median Incomes for Boston-Cambridge-Quincy MA-NH MSA

Building Features

Amenities

Thoughtfully designed spaces and features for modern condo living in the heart of Chelsea

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Elevator Access

Full-building elevator service for every floor

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In-Unit Laundry

Washer & dryer included in every unit

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Energy-Efficient Building

PassiveHouse-certified

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On-Site Garage Parking

19 spaces available — $20,000/space + $50/month condo fee add-on.

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Kitchen Appliances

Refrigerator, microwave, dishwasher, & garbage disposal all included

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Close to Public Transit

Within 0.5 miles of Chelsea commuter rail & adjacent to Broadway corridor bus stops

Frequently Asked Questions

Your Questions, Answered

What are the condo fees?+

The condo fees are estimated to range from $335.87/month to $487.22/month, dependent on unit size and AMI%. Fees are subject to final pricing and beneficial ownership.

What utilities/services are included in the condo fees?+

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 parking included with the purchase?+

No, parking is not included. 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 included with the purchase?+

Additional on-site storage is not included nor available to rent/purchase.

What is the pet policy?+

Pet policy is TBD. It will be finalized before the income verification process. Service animals are permitted with no additional fees with proper documentation.

Who is eligible to apply to the lottery?+

All households are eligible to apply to the lottery! Once the lottery is held and we begin income verification, households whose total income falls at or below the maximum income limits for their household size and whose assets do not exceed $155,000 (excluding retirement accounts) are eligible to purchase a unit. Please note - 11 of the 80% AMI units have HOME funding with a $75,000 post-closing asset limit.

Do I have to attend the information session?+

No. Attendance is not required. The session will be recorded and available for at-request viewing.

How does the lottery work?+

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.

Applicants who submit a complete application by the deadline will then be entered into the lottery.
All applicants will receive an application number.
The application number is used for the lottery to keep the identity of applicants confidential.
Maloney Properties will then conduct a lottery, and each applicant will then be assigned a lottery number (lottery #1 being first).
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.

What is considered income?+

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.

Are reasonable accommodations available?+

Yes. Free language assistance and reasonable accommodations for persons with disabilities are available. Call (617) 639-3064 Ext 729 (US Relay 711) or email 440Broadway@MaloneyProperties.com.

Should you have additional questions about this property, please contact us at 440Broadway@MaloneyProperties.com.

Information Session