Housing Nantucket  

 

 

creating sustainable community housing opportunities for nantucket

 
  
 
 
 
 

 
 
Homeownership

Nantucket Housing Needs Covenant Program
One of the central programs for Housing Nantucket is the Nantucket Housing Needs Covenant Program. NHNC - a program of the Nantucket Housing Authority and administered by Housing Nantucket - which hasWelcome home created over 35 permanent affordable housing units on the island. The Nantucket Housing Needs Covenant program is designed to offer home ownership opportunities to middle income islanders (those earning below 150% of median income).

The NHNC program allows a property owner with more than one residential dwelling on a parcel to sell one of those dwelling at a permanently affordable price. This program subjects the home to a sales price formula and residency/occupancy requirement.

The process involves a qualification application for both the purchaser and the seller. It also involves creating an ownership agreement. Currently qualification levels for purchasers can be obtained from the staff. The sales prices cap is set by a formula derived from the HUD Median Incomes. The 2008 maximum sales prices is $461,296.

For more information:

Gap Financing (Closing Cost Assistance Program - CCAP)
Housing Nantucket has also created a closing cost assistance program for those earning below 100% of median income and who purchase a permanently Homeownershiprestricted unit. This program has special requirements and is accessible by your lender. If you think you might qualify for this program, please have your lender contact the office for more information. Our Gap Financing Info Sheet provides more information for your lender.

Rehabilitation Programs
In 2005 and 2006, Housing Nantucket (then the Nantucket Housing Office) offered special grants to help facilitate the renovation of houses that were used by those earning a certain income. This program has been discontinued, but there are still options available for those seeking septic repair funding or other repairs. Contact MassHousing at www.masshousing.org for more information.




 

Visit Us
Housing Nantucket can be found at:

15 Teasdale Circle
(Off Nobadeer Farm Road)

Write Us
Housing Nantucket
P.O. Box 3149
Nantucket, MA 02584

Call Us
508.228.4422 or
508.228.4915 (fax)

Email Us
aaron(at)housingnantucket.org
anne(at)housingnantucket.org

Funding for Housing Nantucket comes from public and private grants in addition to generous donations from individual contributors.

Housing Nantucket is grateful to the Community Preservation Committee for providing funding for a variety of projects.