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WARRANT ARTICLES THAT IMPACT AFFORDABLE HOUSING

The Nantucket Annual Town Meeting (ATM) on Saturday, May 6, 2023 includes important warrant articles to fund affordable housing on Nantucket, and to extend the abilities of the Nantucket Affordable Housing Trust.

What the warrant articles are and why they matter

ARTICLE 8: Appropriation: Fiscal Year 2024 General Fund Operating Budget
  • If passed, $1,684,769 under the Town’s general fund operating budget will be allocated to the Housing Office operating fund.

This funding will allow the Housing Office to continue daily operations, as well as fund the $1,000,000 Town employee housing assistance program, and the new staff position of Housing Facilities Manager.

ARTICLE 10: Appropriation: General Fund Capital Expenditures
  • If passed at Town Meeting (and subsequent ballot measure), $5,013,044 will be allocated to the Affordable Housing Trust to support the creation and maintenance of affordable housing on Nantucket.

This bonding authority provides resources to support construction subsidy at the scattered site locations the Trust is moving forward on developing.

ARTICLE 18: Appropriation: Affordable Housing Trust Fund
  • If passed, passed at Town Meeting (and subsequent ballot measure), Town Administration has committed $6,500,000 to be allocated annually to address the critical need for creating and maintaining affordable housing on Nantucket.

Since 2019, the Trust has received $67.625M in funding from prior Annual Town Meeting warrant articles, which has been deployed and allocated (see chart below). If passed, Article 18 would provide an additional $6.5M annually to ensure the work is completed, and to fund critical additional year-round housing initiatives on Nantucket. Furthermore, the $6.5M can be leveraged through subsequent bonding authority to provide $50-100 million dollars in near-term funding for affordable as well as attainable housing. This funding would enable the Trust to begin to tackle in a material way homeownership opportunities for year-rounders.

Article 34: Appropriation: Fiscal Year 2024 Community Preservation Committee
  • If passed, $1,400,000 from the Community Preservation Fund will be allocated to the Town to pay the interest and principal of the two Five Million Dollar Bonds (authorized at the 2019 and 2022 Annual Town Meetings), in support of year-round housing.
  • Additionally, this article would provide $315,000 to the Nantucket Interfaith Council for rental assistance for low and moderate-income year-round families.

HOW THE AHT HAS ALLOCATED $67.625M

  • Funding Deployed/Committed = $37.425M
  • Planned Uses for Balance = $28.1M
  • Reserve Funding = $2.1M (contingency)
  • Units Created/In Pipeline: ~236

Notes

  • The $67.625M funding has housed 36 year-round households to date, with an additional 200+ to be housed upon the completion of these projects.
  • Of these 236 units, 58 already count towards the 332 existing SHI* units. We need 158 more units to reach our 10% SHI minimum requirement (490 units).** The current required unit count for the SHI list will be reassessed this year to reflect the 2020 census; this data will likely cause an increase in required SHI units for Nantucket.

*SHI: The Subsidized Housing Inventory, or SHI, is used to measure a community’s stock of low or moderate-income housing, according to M.G.L Chapter 40B. **According to M.G.L., 10% of a communities’ housing stock must be included on the SHI list.

WHY ADDITIONAL FUNDING IS NEEDED

With $67.625M already deployed or planned, additional funds are needed to continue to support and create affordable housing on Nantucket. The $6.5M permanent override provided by Warrant Article 18 is necessary to:

  • Ensure we stay in Safe Harbor+ beyond 2024, and reach our 10% SHI unit count requirement, which will likely increase with the new 2020 census.

+Safe Harbor: If the Town proves it is making good-faith progress on reaching the 10% SHI requirement, they enter a period of “Safe Harbor.” Safe Harbor status allows the Town to impose conditions on, or deny, the issuance of a 40B permit, resulting in more control over the type, location, and design of residential development while continuing to meet housing needs through HPP strategies.

  • Focus on homeownership opportunities, including the creation of a pilot Down Payment Assistance Program.
  • Fund the development of additional housing opportunities on existing acquired land.
  • Ensure that existing and future projects are properly supported, including a reserves for these projects in the case of inflation, construction issues, subsidizing affordability, and other unforeseen, legitimate costs.
  • We can’t build our way out of the crisis entirely. We need to preserve and maintain year-round housing in perpetuity via keeping already developed properties in year-round inventory, and incorporating year-round deed restrictions.
  • Continue our Closing Cost Assistance Program (CCAP) and Covenant Format Assistance Program. The CCAP has helped 83 families in the purchase of affordable housing. To date, the Trust more than $818,000 in zero percent interest (0%) CCAP loans, which are recyclable.
ARTICLE 78: Amend Declaration of Trust for Affordable Housing Trust Fund
  • Currently, the Trust can only serve households up to the 175% Annual Median Income (AMI) level. If passed, this article would allow the Trust to serve households up to 240% AMI, creating programming and a support for a greater range of need in the community.

There is a clear need to support a wider range of households on Nantucket; In 2022, the median home sales price was $3M. With current interest rates, an individual or family must earn nearly $600,000 a year to afford a median-priced home on Nantucket. Currently, the annual income for Nantucket households of four (4) people at 100% AMI is $136,100. 240% AMI equates to $306,225 – about half what a household would need to afford the median home on Nantucket.

INAGURAL DR. HOWARD DICKLER HOUSING ADVOCATE AWARD

The Nantucket Affordable Housing Trust is pleased to announce this annual citizen’s award. It is a tribute to the late Dr. Howard Dickler, an unwavering advocate for year-round housing on Nantucket.

Dr. Dickler was a valuable member of our community, whose involvement in housing and economic issues was greatly appreciated by the NAHT, through his regular attendance and participation at public meetings, as well as his service on the Neighborhood First Committee, which mapped a guide for the Trust’s use of funds in effort to maintain safe harbor from 40B developments. This award will honor a community member who best exhibits the spirit of Dr. Dickler on housing advocacy for our year-round community, through their dedication, drive, creativity, inclusiveness, and fearless willingness to share ideas.

Dr. Howard Dickler
NOMINATIONS ARE NOW OPEN

The Dickler Award honors a community member who best exhibits the spirit of Dr. Dickler, on housing advocacy: fearless, tireless and dedicated to our year-round community. Nominees must be a Nantucket year-round or seasonal resident. To submit a nomination, please write a brief description of why the nominee deserves to be recognized, and send it to Tucker Holland (tholland@nantucket-ma.gov), or mail to the Housing & Real Estate Office at 3 East Chestnut Street, Nantucket, MA 02554. Nominations must be received by April 26 at 4:00pm.

An honorarium will be donated in the recipient’s name to the housing-related organization of the recipient’s choice; the recipient will be announced at Town Meeting.

News & Updates

We’re hiring!

The Housing & Real Estate office is now hiring for the role of Housing & Real Estate Office Manager. Learn more and apply here.

YIMBY Jamboree Panel

This March, Tucker Holland, Nantucket’s Municipal Housing Director, was invited to speak at a YIMBY (Yes In My Backyard) Jamboree panel in Vail, Colorado, hosted by the Vail Symposium. Tucker spoke alongside two of Colorado’s affordable housing leaders, Laurie Best of Breckenridge and George Ruther of Vail, on the necessity and unique challenges of affordable housing programs in seasonal communities. Watch it here.

Nantucket and Martha’s Vineyard at the State House in Boston for Senate Bill 1771/ House Bill 2747

On March 23, 60 people from Nantucket and 200 from Martha’s Vineyard traveled to the State House in Boston to advocate for Senate Bill 1771/ House Bill 2747, which would permit a local option for a real estate transfer fee to fund affordable housing. The advocates visited legislators’ offices and gathered on the steps of the State House. Senator Julia Cyr and Representative Dylan Hernandes expressed their strong support of the transfer fee and their commitment to getting this legislation passed. Community members and leaders from the islands like Peter Burke of the Chamber of Commerce and Affordable Housing Trust Chair and Realtor Brian Sullivan enthusiastically joined them. The passing of this bill would provide an ongoing and reliable revenue stream for year-round housing initiatives for Nantucketers.

31 Fairgrounds (“Wiggles Way”)

The affordable rental development at 31 Fairgrounds (“Wiggles Way”) continues to make good headway. Read Housing Nantucket’s details and see more photos of the progress here.

Closing Cost Assistance Program (CCAP)

Since January, the AHT has approved an additional $30,000 in zero-percent (0%) interest loans for two (2) new households. To date, 83 households have received assistance through this program. Over $818,000 has been deployed through this program to help get year-rounders into homeownership opportunities. Looking for closing cost assistance on the purchase of your new home? Learn more and apply here.

HOUSING PUBLIC MEETINGS

All meetings of the Affordable Housing Trust meetings are open to the public. Join us via Zoom on the 3rd Tuesday of the month at 1:00pm. Visit the Town website to see meeting postings and minutes. You will find a Zoom link for each meeting on the corresponding agenda. Our next meeting is April 25th at 1:00pm.

CONTACT INFO FOR AFFORDABLE HOUSING ON NANTUCKET

Town of Nantucket Housing & Real Estate Office
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

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