Nantucket partners with Martha's Vineyard on housing transfer fee study

The Affordable Housing Trust held an open session on July 1, 2025, to discuss various initiatives aimed at improving housing accessibility in Nantucket. The meeting began with a review of the Rooted Rentals program, which aims to support year-round rental properties. A challenge was presented regarding the potential for property owners to receive a second tax abatement if they rent their properties below market rates. Members discussed the implications of this proposal, particularly its impact on tax revenue and other taxpayers.

Following this, the focus shifted to a proposed transfer fee study in collaboration with the Martha's Vineyard Commission. The study aims to analyze the effects of a transfer fee on affordable housing and the real estate market. The Nantucket Planning Commission expressed interest in partnering for this initiative, which would involve a shared cost of approximately $70,000, with the Affordable Housing Trust contributing $10,000. Members unanimously supported this collaboration, emphasizing the importance of gathering data to support legislative efforts for a transfer fee.

The meeting concluded with a preview of the upcoming quarterly report to the select board, scheduled for July 23, where the housing department will present updates on various housing projects, including the Richmond projects and Habitat for Humanity's initiatives. Overall, the session highlighted a proactive approach to addressing housing challenges in Nantucket through collaboration and data-driven strategies.