Phase III and IV of the Richmond Meadows II Rental Apartment Development Project include twenty (20) AMI restricted rental apartments that are being made available through this lottery application process. The affordable units will be rented to households which qualify across a broad range of income limits related to the area median income in Nantucket, including incomes up to 70%, 80%, 110%, and 120% of the area median income (AMI). The first of these units is expected to be available for occupancy in February of 2023. For a detailed description of the units and the project, please see the Information Packet. These 20 affordable rental apartments will be made available through this application process and will be rented to households with the following annual income limits and at the following monthly rents:

Six (6) Units will be Rented to Households Earning 70% or Less of the Area Median Income (AMI)
Two (2) Units will be Rented to Households Earning 80% or Less of the Area Median Income (AMI)
Six (6) Units will be Rented to Households Earning 110% or Less of the Area Median Income (AMI)
Six (6) Units will be Rented to Households Earning 120% or Less of the Area Median Income (AMI)

The MAXIMUM Household Income Limits are as follows:

70% AMI Restricted Units: $57,706 (1 Person), $65,931 (2 People), $74,156 (3 People), $82,381 (4 People), $88,988 (5 people), $95,594 (6 People)
80% AMI Restricted Units: $65,950 (1 Person), $75,350 (2 People), $84,750 (3 People), $94,150 (4 People)
110% AMI Restricted Units: $104,797 (1 Person), $119,768 (2 People), $134,739 (3 People), $149,710 (4 People), $161,687 (5 people), $173,664 (6 People)
120% AMI Restricted Units: $114,324 (1 Person), $130,656 (2 People), $146,988 (3 People), $163,320 (4 People), $176,386 (5 people), $189,451 (6 people)