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Affordable Housing Trust Fund approves closing-cost aid and mortgage subordination for two Nantucket properties
Summary
At a remote meeting, the Affordable Housing Trust Fund approved a closing-cost assistance application for a home at 80 Somerset Road and agreed to subordinate its closing-cost mortgage on 63 Cato Lane to a new refinanced mortgage with Cape Cod 5 Savings Bank.
At a remote meeting of the Affordable Housing Trust Fund, the board approved a closing-cost assistance application for a dwelling at 80 Somerset Road and agreed to subordinate a closing-cost assistance mortgage on 63 Cato Lane to a new mortgage held by Cape Cod 5 Savings Bank.
The approvals matter because the first action clears a purchaser to receive local assistance for closing costs, and the second rearranges lien priority so a homeowner can refinance with a commercial lender. Both votes were recorded by roll call.
Staff member Alice Ramos told the board the application for 80 Somerset Road was complete. No dollar amount for the…
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