Affordable Covenant Housing: New Numbers Out for 2020

The maximum sales/resale price for a Nantucket Housing Needs Covenant property is now $824,401, an increase of 6% over last year’s maximum price of $775,973. The qualifying income cap has been raised to $175,200 per year with unrestricted assets less than $412,200. The formula on which these changes are made annually is based upon the median family income for Nantucket ($116,800) and long term interest rates (4.25%). When the program was started in 2003 the maximum sale price was $406,162 and the qualifying income was $102,750. Housing Nantucket oversees the program and there are now 87 homes (housing 229 people) that are restricted in perpetuity for islanders who qualify for this housing. Housing Nantucket also runs an Affordable Rental Program in 38 scattered site units (housing 103 people) and also offers first time home buyer courses in both English and Spanish. For more information go to