Housing trust outlines use of CPC funds, seeks $5 million ready cash; committee approves five requisitions

The Nantucket Affordable Housing Trust reported to the Community Preservation Committee on April 15 that the first $5,000,000 of a town-approved housing authorization has been spent on land purchases and developments and that the trust is preparing to use a second $5,000,000 authorization as a reserve for projects that require quick action.

Christie, an Affordable Housing Trust representative, told the committee that the first $5,000,000 "had been spent" acquiring vacant parcels including Vesper Lane, Bartlett Road, Orange Street and Amelia Drive, and that the trust has issued a request for proposals for development of those properties. "We've received a bid back... it's about 60 units in total," Christie said, adding the town’s finance office is still reviewing the proposal and an award is targeted by June.

The trust also described other projects and tools it is using to add deed-restricted housing. Christie said Habitat for Humanity’s Waite Drive project is building six homeownership units (two single-family homes on some sites and a duplex on another), that several single-family units are near completion and that the duplex has broken ground. The trust said it has used CPC money and separate trust funds together to subsidize more income-restricted units…