Fairweather Apartments - Salem

40 R Highland Avenue , Salem, Massachusetts 1970

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Units

Unit (Bd/Ba) Ft2 Rent
Studio (Studio/1) 416 $675
One Bedroom (1/1) 380 $600

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About Fairweather Apartments - Salem

Fairweather Salem is one property in a four-site development in Beverly, Danvers, Peabody and Salem. The six-story building is close to the North Shore Medical Center and a major Salem roadway with many shopping areas. Local bus and commuter rail service are nearby. Fairweather Salem includes a mix of studio and one-bedroom apartments; utility costs are included in the rent. Its amenities include wireless internet access, a computer center, library, game room, community room with kitchen, laundry and parking on-site. Rent subsidies are available for income-qualified residents. Professional on-site management, with 24-hour emergency response, is offered by Preservation Housing Management.

Property Details

  • 321 studio and one bedroom units.
  • Project-Based Rental Assistance

Property Amenities

  • Laundry Room
  • 24hr Emergency Maintenance

Unit Amenities

  • Air Conditioning
  • Cable Ready
  • Window Coverings
  • Carpet
  • Refrigerator

Nearby Amenities

  • Close to Dining
  • Close to Shopping

Section 8 Project-Based Rental Assistance

Since this property has a Project-Based Section 8 contract with HUD, some or all of the rents at this property are based on tenant incomes. Tenants will make a monthly contribution toward rent equal to 30% of their adjusted income. There is a minimum tenant contribution of $25 for all rents at this property regardless of tenant income.

Section 42 Low-Income Housing Tax Credit (LIHTC)

Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, monthly rent cannot exceed the Tax Credit maximum rent for the area. Households earning less than 60% of the area median income qualify for units with reduced rent. Some rental units in this property may not be subject to LIHTC and therefore may be set at levels higher than the area's LIHTC limits.

Salem HUD Rental Assistance Income Qualifications

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% $22,650 $25,900 $29,150 $32,350 $34,950 $37,550 $40,150 $42,750
50% $37,750 $43,150 $48,550 $53,900 $58,250 $62,550 $66,850 $71,150
80% $56,800 $64,900 $73,000 $81,100 $87,600 $94,100 $100,600 $107,100

Salem Low Income Housing Tax Credit Income Qualifications

AMI Band 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% $37,750 $43,150 $48,550 $53,900 $58,250 $62,550 $66,850 $71,150
60% $45,300 $51,780 $58,260 $64,680 $69,900 $75,060 $80,220 $85,380

Fairweather Apartments - Salem was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program and receives rental subsidies through HUD-Assisted Housing. These programs have different income limits that can lead to apartments in the same property having different income requirements.

You can make up to 80% of the Area Median Income (AMI) and be eligible for a HUD-Assisted Housing unit. However, you can earn at most 60% of AMI to be eligible for a LIHTC property and many units may be set aside for those with the lowest incomes (down to 15% of AMI). LIHTC properties may also contain some market rate units.

Since Fairweather Apartments - Salem has both programs, the most restrictive of the income limits will apply for each unit. If the entire property is funded by LIHTC, the LIHTC income limit of 60% AMI would be used for all units. Apartments in properties with some units not funded by the LIHTC, but receiving Section 8 assistance, would be open to households making up to 80% AMI. Market rate units would have no subsidies or income restrictions.

Figuring out income and rent limits for affordable housing can be complex when more than one federal program is involved. To know for sure if you qualify, you must contact the property directly. The amounts provided here should only be used as a basic guide.

Fairweather Apartments - Salem is managed by Preservation Housing Management .

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Image of Fairweather Apartments - Salem
Image of Fairweather Apartments - Salem
Image of Fairweather Apartments - Salem
Image of Fairweather Apartments - Salem
Image of Fairweather Apartments - Salem
Image of Fairweather Apartments - Salem