The Nantucket Planning Board held a special meeting on January 9, 2025, to discuss pressing issues affecting local housing and development. A key topic of conversation centered around the challenges faced by the covenant lot program, which aims to provide affordable housing options.

During the meeting, concerns were raised about the rising costs associated with covenant lots. Currently, the price for a covenant lot is nearing $400,000, while the resale price has reached approximately $760,000. This situation leaves homeowners with only about $360,000 available for construction, which is insufficient to build a home in the area. As a result, the program is experiencing a slowdown, as potential buyers are limited to moving existing structures onto these lots rather than building new homes.

The discussion highlighted the importance of maintaining affordable housing options in Nantucket, particularly in neighborhoods like Sachem's Path, which was praised for its architectural standards and community contributions. The board acknowledged the need to address these financial barriers to ensure the covenant program can effectively serve the community.

The meeting underscored the ongoing challenges in Nantucket's housing market and the necessity for strategic planning to enhance the availability of affordable housing. The Planning Board is expected to continue exploring solutions to these issues in future meetings.