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 - has created over 37 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. (The program also allows an owner to sell off the development rights for a portion of the parcel.) 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 Area Median Incomes. The 2010 maximum sales prices is $514,833. Qualified purchasers must earn below $133,350.

For more information:

• NHNC Information Presentation (PDF)
• Purchaser Application (PDF)
• Seller Application (PDF)
• General Regulations (PDF)
• Condominium 150 Regulations (PDF)
• Typical Covenant (PDF)
• NHNC Transaction Details (specific documents for attorneys)

Former Programs
Gap Financing (Closing Cost Assistance Program - CCAP)
Housing Nantucket created a closing cost assistance program for those earning below 100% of median income and who purchase a permanently restricted unit - but the funding was rescinded in late 2009. Existing participants should contact the office for more information. We hope to bring this program back soon.

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.