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Nantucket Trust Weighs Rental‑Preservation Incentive Pilot; Members Debate Rent‑Increase Cap and Admin Costs
Summary
Staff and Placemate presented a rental‑preservation incentive proposal (payments over three years, priority for tenants under 100% AMI). Members debated a proposed 5% annual rent cap versus a 3% cap with staff review exceptions; budget scenarios ranged from $360,000 (20 units) to $900,000 (50 units) plus 20–25% administrative costs.
The Nantucket Affordable Housing Trust spent the bulk of its Dec. 16 meeting discussing a proposed rental‑preservation incentive pilot designed to preserve existing year‑round rentals.
Staff and consultant Placemate outlined program guardrails: eligible properties must have been year‑round rentals for the prior 12 months, eligibility limited to one property per ownership group, and priority for units renting below 100% of area…
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