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Affordable Housing Trust approves covenant-formation assistance loan for 9 Allens Lane
Summary
Trustees approved a covenant-formation assistance loan for a homeowner at 9 Allens Lane; the loan covers covenant creation costs and will be repaid on sale so funds can be reused for future covenant formations.
The Nantucket Affordable Housing Trust voted unanimously to approve a covenant formation assistance program loan for 9 Allens Lane, the applicant address listed as Kimberly Beans.
Christie, Housing Office staff and trust liaison, described the program as a trust-administered loan that "helps cover the costs for a homeowner to create the covenant lot, and then the trust is repaid upon the sale of that lot so that we can regenerate those funds and use them for future, covenant lot formations." Christie said the program is administered through Housing Nantucket with funding from the Affordable Housing Trust and that the approval is conditioned on town council review.
The motion to approve was adopted by roll-call vote with all trustees present voting aye (Abby — aye; Forrest — aye; Tom — aye; the chair — aye). The trustees did not amend program terms at the meeting and requested no additional conditions beyond the stated town-council review.
Why it matters: covenant-formation assistance lowers upfront costs for homeowners creating covenant-restricted lots; repayment upon sale is intended to recycle public funds into further affordable-housing lot formations.
