Nantucket, MA, is actively working to address its affordable housing crisis driven by high prices and seasonal demand. The New Downtown development project will introduce 32 units on Sparks Avenue, with 8 units designated for households earning 80% of the area median income. Under Massachusetts' Chapter 40B law, the island targets achieving 8% of its 10% affordable housing goal by 2025. Innovations like closing-cost assistance and a new deed restriction program for homeowners will help maintain inventory and support residents seeking year-round housing options.
Nantucket is taking significant steps to address affordable housing issues, aiming for long-term livability beyond the summer season amidst high prices and seasonal demand.
The New Downtown development will add 32 units on Sparks Avenue, including 8 units restricted to 80% of the area median income, to help meet housing needs.
Efforts to expand the Subsidized Housing Inventory include new developments, closing-cost assistance, and housing covenant support, demonstrating progress towards stable housing for residents.
A new deed restriction program will compensate homeowners for offering year-round affordable housing, aiding in preserving inventory and enhancing access for residents.
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