Background

The project will create four two-bedroom, two-bathroom ownership units for families earning less than 80% of Area Median Income (AMI). All four homes will be added to the Town’s Subsidized Housing Inventory (SHI), expanding year-round homeownership opportunities for income-eligible Nantucket residents.

Project Overview

Habitat for Humanity Nantucket acquired the property at 20 Nancy Ann Lane with the support of a $1,400,000 grant from the Nantucket Affordable Housing Trust. Habitat has secured Planning Board approval for the project and engaged Gryphon Architects to provide design services and coordinate the required Historic District Commission approvals.

The Affordable Housing Trust is also providing a $3,500,000 construction loan. The loan, plus applicable interest, will be repaid to the Trust following the successful completion and sale of the homes.

Key components of the project include:

• Affordable Homeownership Development: Construction of four permanently affordable two-bedroom, two-bathroom homes for families earning less than 80% of AMI.
• Subsidized Housing Inventory: All four homes will be added to the Town’s SHI.
• Design and Permitting: Completion of architectural design, Historic District Commission review, Local Action Unit approval, and all required building permits.
• Marketing and Lottery: Completion of an open and equitable marketing process followed by an applicant lottery conducted in accordance with applicable affordable housing requirements.
• Construction and Occupancy: Construction is expected to begin in early 2027, with completion, sale, and occupancy anticipated by the end of 2027.

Project success will be measured by completion within the approved schedule and budget, receipt of all necessary permits and regulatory approvals, addition of all four units to the Town’s SHI, repayment of the Trust’s construction loan, and successful occupancy by qualified, income-eligible purchasers. The project advances the Town’s commitment to creating permanently affordable homeownership opportunities through partnerships with local housing organizations.

Budget Overview

• Land Acquisition Grant: $1,400,000
• Construction Loan: $3,500,000, repayable to the Affordable Housing Trust with interest upon completion and sale of the homes

Funding Sources

• 2022 ATM – Article 37: Community Preservation Committee bonding for land acquisition
• 2025 ATM – Article 28: Community Preservation Committee bonding for land acquisition and the construction loan

Development Partner: Habitat for Humanity Nantucket
Designer: Gryphon Architects