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Trust approves closing-cost assistance for family-sale unit at 21.5 Allens Lane
Summary
The Affordable Housing Trust voted to approve a closing-cost assistance application for a deed-restricted unit being sold between family members at 21.5 Allens Lane; the unit will enter deed restrictions upon resale and the Trust will require repayment of any excess assistance at closing.
At its June 3 meeting the Affordable Housing Trust approved a closing-cost assistance application for Grace Antonovich and Patrick O'Toole for 21.5 Allens Lane, a sale between family members that will become deed restricted on resale.
Christy Ferantella, housing office staff, explained the application is processed through the qualified family-member covenant creation and that for the initial purchase the buyers were not subject to the program—s income or asset purchase limits but they did qualify through Housing Nantucket. She said the deed restriction would take effect upon resale and that the family had otherwise been income-qualified through the housing office.
Penny Dye moved to approve closing-cost assistance for Grace Antonovich and Patrick O—Toole, with any excess funds repaid upon closing; Brooke Moore seconded. A roll-call vote recorded aye votes from Brooke Moore, Meg Bowers, Penny Dye, Abby De Molina, Shanta Murphy and Chair Brian Sullivan; the motion carried.
Trust members briefly discussed whether the application form should include a checkbox identifying a qualified family-member relationship. Christy Ferantella and a Trust member said the covenant status is included elsewhere in the application materials and that adding a checkbox was unnecessary and could raise fair-housing concerns.
No further conditions beyond the repayment-on-closing note were recorded on the motion. The vote on the application was a formal approval to provide closing-cost assistance as requested.
