Project Summary

The Town of Nantucket, through a collaborative partnership between the Nantucket Affordable Housing Trust and the Nantucket Land Bank, is undertaking a residential structure relocation and redevelopment project to expand the island’s supply of income-restricted homeownership opportunities. The project involves relocating existing residential structures from 41 Jefferson Avenue to 158 Madaket Road, rehabilitating them, and establishing them as permanently income-restricted ownership units.

This initiative supports the Town’s ongoing commitment to increasing year-round housing options for income-eligible residents while making efficient use of existing structures and land resources.

Project Overview

The Nantucket Affordable Housing Trust, in partnership with the Nantucket Land Bank, is coordinating the acquisition, relocation, rehabilitation, and redevelopment of residential structures from 41 Jefferson Avenue to 158 Madaket Road. The project is focused on transforming existing structures into income-restricted homeownership units that comply with all applicable affordable housing, zoning, and permitting requirements.

Key components of the project include:

• Property Acquisition and Interagency Coordination: Affordable House Trust acquisition of the destination property and coordination between Town boards, departments, and regulatory agencies to ensure project alignment and compliance.
• Structure Relocation and Rehabilitation: Relocating the existing residential structures and rehabilitating them to meet all applicable building codes, permitting requirements, and occupancy standards.
• Affordable Homeownership Development: Establishing the rehabilitated homes as income-restricted ownership units, including the recording of required affordability and deed restrictions.
• Marketing and Sale to Income-Eligible Buyers: Marketing and selling the completed homes in compliance with all programmatic, regulatory, and affordability requirements.
• The homes will be income-restricted to households earning up to 240% of Area Median Income (AMI) to support middle-income housing opportunities.

Project success will be measured by completion within approved schedules and budgets, receipt of all necessary approvals and certificates of occupancy, adherence to financing and partnership agreements, and successful occupancy of the homes by qualified, income-eligible purchasers. This effort reflects the Town’s broader strategy to expand affordable housing opportunities while responsibly stewarding public land and resources.

Budget Overview (as of February 2025)
Committed: $2M (2024 ATM Warrant Article 20)

Owners Project Manager: Vertex, Co.
Designer: SMRT, Inc.