Resources

 

Nantucket Housing Needs Covenant Program

One of the central programs for Housing Nantucket is the Nantucket Housing Needs Covenant Program. The Covenant Program- a program of the Nantucket Housing Authority and administered by Housing Nantucket - has created over 40 permanently affordable homes on the island. The Covenant Program is designed to offer home ownership opportunities to middle income year-round islanders (those earning below 150% of median income).

The Covenant Program allows a property owner with more than one residential dwelling on a parcel to sell one of those dwellings at a permanently affordable price. (The program also allows an owner to sell off the development rights for a portion of the parcel.) The sale and resale of the covenant home is subject to a price cap. This price cap is based on median income (as determined by HUD) and current interest rates, and it is reset once a year in January.

The 2014 maximum sales price is $626,721. To qualify, purchasers must earn below $139,200.

For more information about program basics:

Sub-program details:

Market data:

Qualifying for the Covenant Program:

 

 

Contact Us

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

Visit
15 Teasdale Circle
off Nobadeer Farm Rd

Call
508.228.4422 or
508.228.4915 (fax)

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