Town Launches Affordable Housing Deed Restriction Program

Nantucket’s long-awaited year-round and affordable housing deed restriction program is finally accepting applications as of Wednesday.

The pilot program allows the Affordable Housing Trust to purchase deed restrictions on island homes, paying homeowners upfront to ensure year-round occupancy by tenants who meet the established income levels for affordability.

“We’re thrilled to see this program launch and hope it can help create more stable, year-round housing opportunities for our island community,” Housing Director Kristie Ferrantella said.

The project’s guidelines require applicants to make less than 240 percent of the area median income, adjusted for household size, and cap resale prices on deed-restricted homes at levels that the town deems affordable for qualified applicants.

“[The program] aims to provide housing stability, security, and affordability for people living or working year-round on Nantucket,” the guidelines read in part. “Due to Nantucket’s international recognition as a desirable place for owning a seasonal or vacation home, there is a shortage of housing that is both affordable and available for purchase or rent by the people who make Nantucket their home.”

The Affordable Housing Trust is authorized to pay up to 20 percent of the value of a home for a deed restriction.

The program was initially considered as early as 2022, but has taken some time to come to fruition. The Select Board has already approved $2 million in funding.

Housing Nantucket was selected as the monitoring agency for the program and will assist with application intake and review, verifying income qualification, and monitoring and compliance.

Applications close November 14th at 2:00 p.m.