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Nantucket Affordable Housing Trust authorizes $1.857M grant and $1.857M loan for Sparks Avenue project
Summary
The Nantucket Affordable Housing Trust on Jan. 6 authorized the chair or vice chair to execute documents for a $3.714 million package (a $1,857,000 grant and $1,857,000 loan) to support a 32‑unit Sparks Avenue rental development, buying down eight units to 80% AMI and counting all 32 on the town's subsidized housing inventory (SHI).
The Nantucket Affordable Housing Trust voted Jan. 6 to authorize the chair or vice chair to sign a memorandum of understanding, a grant‑and‑loan agreement, a promissory note and a mortgage security agreement to support the Sparks Avenue affordable housing development.
Vicky Marsh, staff, told the board "the trust is going to be awarding a grant and a loan, to the developer in equal amounts of $1,857,000." The package is structured so the grant is disbursed first and loan funds follow as reimbursement on submitted invoices.
The developer plans to build 32 rental units at 18, 18A, 20, 22, 24 and 26…
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