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CLOSING COST ASSISTANCE PROGRAM & COVENANT FORMATION ASSISTANCE PROGRAM
About the programs:
The Closing Cost Assistance Program (CCAP), through funding from the Affordable Housing Trust Fund (AHT), offers qualified applicants a zero percent (0%) loan of up to $15,000 for each eligible buyer to put towards closing costs for the purchase of deed-restricted affordable units. It is intended to assist year-round residents qualifying at the 80%-175% AMI level.
The Covenant Formation Assistant Program (CFAP), through funding from the AHT, offers qualified applicants a zero percent (0%) loan of up to $10,000 to eligible residential property owners to put towards costs to create a new Nantucket Housing Needs Covenant (“Covenant”) Home. The goal of the program is to increase the number of Covenant Homes available for year-round households on Nantucket.
Updates:
Since our last e-news, released in October, the AHT has approved an additional $90,000 in CCAP loans for six (6) new applicants. To date, 83 households have received assistance through this program. Looking for closing cost assistance on the purchase of your new home? Learn more and apply here.
Additionally, since October, the AHT has approved an additional $30,000 in CFAP loans for three (3) new applicants. To date, 10 households have received assistance through this program. Looking to create a new Covenant lot? Apply for assistance in creating a lot here.
HOUSING OPPORTUNITIES
NEW Affordable Rental Units Available at Meadows II:
The Richmond Meadows II (Phases III and IV) Rental Apartment Development Project is comprised of a 48-unit component of two phases of the total 225-unit rental apartment community located off Old South Road in Nantucket.
There is an upcoming lottery for a series of twenty (20) units of AMI restricted rental apartment units, the first of which are scheduled to be available for initial occupancy in February of 2023. These rental apartments will be made available through an application and lottery process.
A Public Informational Session will be held on January 12, 2023, starting at 6:00 pm via Zoom. Go to zoom.com/join or call (646) 558-8656 and enter Meeting ID: 818 9317 7595. Households can participate in the session in the Community Room of the Public Safety Building at 4 Fairgrounds Road, Nantucket.
Completed Applications must be delivered, or postmarked, by 2:00 pm on February 6, 2023. Applications postmarked by the deadline must be received no later than 5 business days from the deadline.
For application info and details on the available units, AMI level restrictions, and monthly rental prices, click here.
NEWS & UPDATES:
BREAKING NEWS: The 2023 Covenant Program Maximum Sales Price Cap is $767,511, which is a significant drop from the 2022 maximum sales price of $963,867.
The Affordable Housing Trust recently approved two additional grant and loan requests from Housing Nantucket to complete work on 22 affordable rental units at 31 Fairgrounds Road. The development is expected to be completed in Q2 of 2023.
Housing Nantucket will hold its next First-Time Homebuyer Education Course on March 8, 15 and 22, 2023. Classes are from 5:30-8:30 pm and are held at the Large Group Instruction (LGI) room at Nantucket High School. Students must attend all three classes to receive certification. FREE for Nantucket residents. Note: completion of this course is a requirement to qualify for the Affordable Housing Trust’s Closing Cost Assistance Program.
The Real Estate & Housing Office submitted materials to DHCD on December 13th documenting 50 additional SHI-eligible units in 2022, allowing us to further request a two-year certification of our Housing Production Plan. 48 rental units came from the Violet Place Acceleration at Richmond, which is effectively a continuation of the successful Wildflower Acceleration (24 units, now all occupied). Two homeownership units restricted at 80% AMI came from Nantucket Property Owner, LLC. Once certified, it would extend our continuous period of Safe Harbor since 2019 to December 2024.
CONTACT INFO FOR AFFORDABLE HOUSING ON NANTUCKET
Town of Nantucket Housing & Real Estate Office
Website: www.nantucket-ma.gov/AHT
Contact: tholland@nantucket-ma.gov, kbeaugrand@nantucket-ma.gov, hcooke@nantucket-ma.gov
Housing Nantucket
Affordable rental and homeownership opportunities for up to 150% AMI level households.
Website: www.housingnantucket.org
Contact: info@housingnantucket.org
Habitat for Humanity
Affordable homeownership opportunities for up to 80% AMI level households.
Website: www.habitatnantucket.org
Contact: habitatnantucket@comcast.net
Nantucket Housing Authority
Affordable rentals for very low- and low-income households.
Website: www.nantucket-ma.gov/1970/Nantucket-Housing-Authority
Contact: admin@nantuckethousingauthority.org
