The Nantucket Affordable Housing Trust (AHT) is at the forefront of addressing the island’s housing crisis, offering comprehensive solutions to preserve the vibrancy and sustainability of its year-round community. By leveraging financial resources, fostering partnerships, and supporting innovative housing programs, the Trust plays a pivotal role in creating affordable opportunities for Nantucket residents.
A cornerstone of the Trust’s efforts is its ability to provide financial incentives to encourage affordable housing development. Programs like Lease to Locals offer homeowners cash incentives to convert underutilized or short-term rental properties into year-round housing. Tenants must meet income qualifications, ensuring accessibility for households earning up to 175% AMI. This initiative addresses a critical gap in the market, providing stability for middle-income families often excluded from traditional affordable housing programs.
The Trust also funds and provides support for numerous affordable housing developments. Recent projects, such as Ticcoma Green and Richmond Meadows developments, have added dozens of deed-restricted rental units to Nantucket’s housing inventory. These projects bring the island closer to its goal of 10% affordable housing, with Nantucket’s projected SHI percentage to be 7.5% at the end of 2024.
Beyond large-scale projects, the Trust empowers individuals through closing cost assistance for income-eligible buyers and loans for developing covenant lots. These initiatives make homeownership attainable for year-round residents, fostering stability and economic resilience.
Collaboration is another hallmark of the Trust’s approach. By working closely with the island’s zoning and planning departments as well as partnering with organizations like Habitat for Humanity, the Trust supports unique programs such as house recycling and workforce housing developments. These projects address specific community needs, from providing homes for year-round families to creating housing options for seasonal workers.
Through its multifaceted efforts, the Affordable Housing Trust not only enhances the availability of housing but also strengthens the social and economic fabric of Nantucket. By prioritizing affordability, accessibility, and community engagement, the Trust ensures a brighter future for all who call the island home.