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Affordable Housing Trust reports $147 million in funds, says town is nearing safe-harbor with 405 permitted units
Summary
The Nantucket Affordable Housing Trust reported a total fund balance of about $147 million after voters approved new authorizations at town meeting and staff updated trustees on project timelines, loan repayments and safe-harbor progress.
Penny Dye, vice chair of the Nantucket Affordable Housing Trust, told trustees the trust has about $147,000,000 in funds after the results of annual town meeting and ongoing loan activity and grants.
Christie (staff member, Housing Office) said the town meeting added $11.5 million in new resources — $5 million in bonding authority from the Community Preservation Committee and $6.5 million from the annual override — and that the trust’s total funds now total "just about 148,000,000." Christie also cautioned that $45,000,000 of that total is a borrowing authorization and that the $6.5 million override is set aside to pay the debt service once borrowed.
The staff update reviewed recent project milestones. Christie said Wiggles Way is complete with residents moving in, with one final certificate of occupancy pending. Richmond Development closed on its last 80% AMI (area median income) unit and repaid a short-term loan the trust made to accelerate construction; staff said that loan was $3,100,000 and will free up funds for reinvestment in the next fiscal year. Tacoma Green remains close to closing financing and pulling permits but has experienced delays outside developer control, including additional wildlife review; staff said the project will proceed in two phases, 31 units then 33 units.
On safe-harbor progress, Christie said, "We're now up to 405 units, which is 6.55% towards our 10% goal," noting the 10% target is calculated from the 2020 decennial census and must be reached before 2030. Staff explained that Richmond Meadows 1 (28 units) and Tacoma Green (64 units across two phases) are expected to push the community closer to 8% when they come online.
Trust staff also reported procurement activity and program rollouts tied to those funds. The trust issued a bundled request for proposals (RFP) for vacant lots the trust owns (Bartlett Road, Vesper Lane and Orange Street) and received one bid for that bundle; staff received two proposals for 7 Amelia Drive. Staff said they will convene review committees, including representatives from the Community Preservation Committee, to evaluate bids.
Christie said the trust issued a request for quotes for a year-round deed-restriction monitoring agency and had one response; staff expects the select board to award that contract in June. The trust is finalizing a year-round deed-restriction pilot program, developed with input from Judy Barrett, and will release program materials after completing legal and administrative steps.
Trust members discussed program-level details: a $450,000 line item to fund the lease-to-locals pilot this year, where staff said 13 units are included in this year’s program compared with 22 last year and that available funds from the initial tranche remain to be used as lease terms roll forward. Staff said funds for short-term loans that are repaid will be available for reinvestment when repaid.
Why it matters: the trust’s funding picture determines how the town can underwrite subsidies, loans and programs to increase long-term and seasonal housing supply. Trustees asked staff to add clarity to future financial reports by showing percentage columns for subtotals and anticipated loan repayments that will become available for reinvestment.
Trust members did not take formal votes on new appropriations during the meeting; the session consisted of staff updates and discussion. Trustees scheduled follow-up reports and presentations from Richmond Development and others at future meetings.
