What it does
Provide safe, sanitary, and suitable living accommodations for low, moderate, and middle income persons within nantucket county.
The affordable rental program and house recycling program - the affordable rental program is a scattered site program of affordable year-round rental homes available to low, moderate and middle-income nantucket residents. Most of these homes have been developed through the house recycling program, and some were newly constructed. House recycling is an innovative and cost-effective program where private individuals donate unwanted but structurally sound dwellings to housing nantucket (hn). Hn relocates buildings to hn's land, which is permanently deed-restricted for affordable housing purposes. Then hn rehabilitates and rents the dwellings at affordable rates to income-qualified year-round nantucket residents. Dwellings range from one-bedroom cottages to four-bedroom homes. Properties are regularly inspected and maintained to ensure quality living environments for tenants.
The nantucket housing needs covenant program - (the covenant program) creates scattered site, middle income home-ownership opportunities. To incentivize the initial creation of a covenant home, private property owners are allowed zoning relief which enables them to sell a portion of their land that is otherwise not sub-dividable. In exchange, the owners record a deed restriction which permanently restricts ownership to qualified year-round islanders. Covenant home purchasers must be year-round residents earning less than 150% of the area median income. The transaction price of a covenant home must be below the maximum sale price, which is reset annually and determined by an affordability formula. Covenant homeowners are subject to a residency/occupancy requirement as well as resale restrictions.
Housing nantucket lease to locals program - provides incentive to local landlords to lease their properties to qualified local residents.