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 2012 maximum sales price is $707,896. To qualify, purchasers must earn below $154,950.
For more information about program basics:
The first step in buying or selling a covenant home is qualifying through HoNan:
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