Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Select Board approves extension for Tacoma Green affordable housing closing after bat‑related delay
Summary
The Select Board granted an extension so Tacoma Green partners can resolve an environmental issue tied to the northern long‑eared bat and complete financing for a 64‑unit rental housing project that will be added to the subsidized housing inventory.
The Town of Nantucket Select Board voted 4–1 on May 14 to approve an extension to the Tacoma Green land development agreement to allow the developer additional time to resolve environmental and financing issues before closing.
Christy (housing office) told the board the Tacoma Green project would construct 64 rental units serving a range of income levels, including units at 30% of area median income. Developers asked for an extension because of an unexpected constraint involving the northern long‑eared bat that has delayed the environmental clearances lenders require.
Andy Burns, president of Halkayne Management, said the development team has lined up most financing partners and construction arrangements, but that lenders require a clean environmental report before closing. "We have gone through extensive work ... with MassHousing, MHP, our private equity tax credit lenders, Stratford and Rockland Bank to put all the financing pieces of this project together," Burns said, adding that the development team is still working with U.S. Fish and Wildlife and other agencies to find a path forward.
David Oliveri and the development team told the board the worst‑case scenario would delay clearing until Dec. 1 because of the bat season restrictions, but that they would continue working on closing tasks in the meantime. Christy reminded the board the 64 units will be added to the town’s subsidized housing inventory and would provide two years of safe‑harbor status under state rules once placed on the inventory.
Select Board members discussed financial structure and town exposure. Staff said the condominium structuring being used for financing poses no adverse impact to the town under the current plan and that MassHousing had voted to move forward with financing on the project the day before the meeting. Brian Turbot, finance director, said Hilltop Advisors and town reviewers had evaluated the structure and found it acceptable from a payback perspective.
After discussion, the Select Board approved the extension by a 4–1 vote. One member, Matt, voted no and expressed reluctance to continue with a project that had taken an extended period and had been "convoluted," citing prior personal experience with long projects.
Why it matters: The extension preserves a path forward for 64 rental units that the town expects to count toward its subsidized housing inventory while developers resolve an environmental permit constraint and finalize lender requirements. If the environmental restrictions tied to the northern long‑eared bat cannot be mitigated, the developers said they may have to delay physical clearing until seasonal restrictions end.
Next steps: Developers and town staff will continue negotiations with regulatory agencies and lenders; closing and clearing timelines remain contingent on the wildlife permitting outcome and lender approvals.
