(January 31, 2023) Nantucket has made great strides to increase the number of affordable housing units across the island recently, earning the town another two years of “safe harbor” from unfriendly 40B developments. The number of affordable housing units across the island has significantly increased in recent years, thanks to consistent voter support of town meeting funding initiatives. This major accomplishment provides some breathing room, but there is still work to be done. Maintaining this steady progress will not only enable us to meet our state-mandated 10% goal, but also account for the needs of households outside 40B parameters.

Massachusetts Chapter 40B law requires that at least 10% of year-round housing units are certified as affordable to those earning less than 80% of the Area Median Income. On Nantucket, this equates to $94,150 per year for a household of four. Nantucket’s Subsidized Housing Inventory (SHI) currently has 6.78% units, thanks to the addition of 50 new units earlier this month. Most of the newly added units are rental apartments currently under construction within Richmond Company’s Meadows II development off Old South Road.

While safe harbor allows the community more control over what is built, the need for attainable housing continues to grow. Nantucket’s Housing Production Plan published data to quantify anecdotal reports of diminishing year-round supply. During the years 2015-2019, the total housing inventory on the island grew by 6%, yet units occupied year-round shrunk by 4%. Nearly 20% of year-round households report experiencing severe housing problems. These problems include severe cost burdens (housing costs exceeding 50% of income) or over occupied rooms and dwellings.

Demand for Housing Nantucket’s programs coincides with this data. Currently, there are 316 households on our Ready-to-Rent list, waiting for an apartment at Wiggles Way (our project currently under construction that also contributes towards safe harbor) or a vacancy at one of our 39 affordable rental units. This represents a 35% growth in the number of households on this list over the last two years. A new single-family 3 BR rental home recently awarded by lottery received 17 qualified applications. Earlier this month, sixty-seven qualified households vied for seven homeownership opportunities in the Sandpiper development. And the list of qualified purchasers for Covenant homeownership has reached 141 households, a growth of 37% over two years.

Housing Nantucket expresses gratitude to our nonprofit’s supporters, who enable us to provide myriad housing solutions for the community. Last year we accomplished a lot, largely due to contributions from year-rounders, the generosity of summer residents, and gifts from local foundations. Most notably, we created 10 new Covenant homes, completed a house-recycling project, continued progress on 22 rental apartments, and began construction of 3 homeownership units. To build on this momentum, we are currently seeking land donations to expand our capability to provide decent rental homes at an attainable price.

Using this time in safe harbor wisely means continuing to support funding initiatives and collaborate with developers. This year’s town meeting offers numerous ways voters can help bridge the enormous gap between what’s affordable for the island’s workforce and the median home price of $2.5 MM. Sustained effort will strengthen the island’s housing infrastructure, providing a foundation to support residents and visitors for generations to come.