Covenant Homes
Nantucket Housing Needs Covenant Program
One of Housing Nantucket’s central programs is the Nantucket Housing Needs Covenant Program. The Covenant Program offers home ownership opportunities to moderate income year-round islanders (those earning below 150% of median income). The Covenant Program has created 83 permanently affordable homes on the island.
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. It is reset once a year in January.
The 2019 Maximum Sales Price is $775,973.
Covenant Buyers must earn below $172,350 per year, may not have more than $387,990 in unrestricted assets, and may not own residential real estate at the time of purchase.
The 2019 transaction fee is $3,880, paid by the seller.
To begin the process, fill out one of the applications below.
