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Richmond Meadows Phase 3 and 4

Now Accepting Lottery Applications!

Important Documents

Rent

Unit Size70% AMI80% AMI110% AMI120% AMI
Studio$1,325/month$1,531/month$1,850/month$1,850/month
1BR$1,511/moN/A$2,560/month$2,560/month
2BR$1,667/month$1,932/month$3,182/month$3,488/month
3BR$1,823/monthN/A$3,506/month$3,847/month
  • *These monthly rents are based on the 2022 HUD income limits. In addition to the monthly rent, Tenants will pay for their own Electricity (Heat, Hot Water, and Cooking are all electric). The Landlord will pay for Water and Sewer charges.

Overview:

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)

Units Remaining

  • 20

Key Dates

  • January 12, 2023: Link to Recording of Info Session: https://youtu.be/Zcb0hEpeQa0
  • February 6, 2023: Application Deadline: Completed Applications and Required Income Documentation must be delivered, or postmarked, by 2:00 pm
  • February 15, 2023: Lottery: at 6:00 pm via Zoom. Go to zoom.com/join or call (646) 558-8656 and enter Meeting ID: 857 2736 5609, Passcode: 276410