Trust approves guidelines and launches application process for year-round deed-restriction pilot with $2 million budget

The Affordable Housing Trust voted July 15 to approve updated program guidelines for a year-round deed-restriction pilot and to authorize staff to work with the finance department to begin accepting applications. Staff said the pilot carries a $2 million budget and that the town has selected Housing Nantucket as the monitoring agency; a contract with Housing Nantucket is scheduled for Select Board approval on July 23. Housing Nantucket will handle application intake, income verification for buyers, and long-term monitoring and compliance, staff said. The program guidelines approved by the Trust require both a year-round occupancy requirement (10 months per year) and an affordability restriction recorded on the deed in perpetuity. Staff said buyers who use the program as down-payment assistance will be income-qualified at the time of purchase and that annual occupancy recertification will be required. If a deed-restricted property is rented, staff said tenants would need to be income-qualified annually. Trust members discussed operational and legal steps: staff said applications will require an independent appraisal, a title search, and, where a mortgage exists, lender subordination agreements. Vicky Marsh and municipal counsel noted that deed riders and recorded restrictions must comply with land court requirements for registered land and that the town will seek legal and title reviews. Several members asked about tax and accounting consequences for sellers who accept program funds. Counsel and staff said the town will not provide tax advice and that property owners should seek independent tax counsel because implications vary by household tax situation. Board members also emphasized the need for public outreach and a clear launch plan. Staff said they would coordinate with the communications department, notify participants who took part in earlier focus groups, and propose a public presentation at a Select Board meeting. The motion to approve the updated program guidelines and to authorize staff to begin accepting applications was moved by Forrest Bell, seconded by Abby De Molina, and approved by roll call.