Richmond secures state approval for Meadows 1 affordable housing project

The Affordable Housing Trust Fund meeting held on April 17, 2025, in Nantucket, Massachusetts, focused on significant developments in local affordable housing initiatives. The meeting highlighted the recent approval of Richmond's application to add Meadows 1 to the subsidized housing inventory, ensuring that the units will remain deed-restricted for households earning 80% of the area median income (AMI) or below indefinitely. This regulatory agreement involves collaboration between the Executive Office of Housing and Livable Communities, the Town of Nantucket, and Richmond, with execution planned for the upcoming select board meeting on April 30.

During the meeting, updates were provided on various Affordable Housing Trust Fund grants. Anne Cuspa, director of Housing Nantucket, reported on the successful completion of a house recycling project at 66 Poetryk Avenue. This project created a two-bedroom rental unit for a family earning below 50% AMI. The unit, which has been occupied since March 1, 2025, was funded primarily by a $450,000 grant from the Affordable Housing Trust, supplemented by community fundraising efforts. The project faced some cost overruns due to infrastructure upgrades but ultimately provided a cost-effective solution for affordable housing at approximately $257 per square foot.

Additionally, Cuspa discussed the "Lease to Locals" program, which aims to convert vacant housing into year-round rentals for local families. This initiative is designed to utilize existing housing stock and alleviate the pressure on the local rental market. The program has received funding from the Affordable Housing Trust, enabling Housing Nantucket to manage and maintain these properties effectively.

The meeting concluded with a unanimous vote to authorize the chair to execute necessary documents related to the regulatory agreement and ongoing projects. The discussions underscored the commitment of local officials and organizations to address the pressing need for affordable housing in Nantucket, ensuring that the community can continue to thrive.