Nantucket’s Affordable Housing Trust Fund has established a program that provides interest-free financing to owners who want to create a covenant property. The program applies to residential properties that presently have one or two structures on it. and is to be used for the costs of surveying/engineering, legal work, permitting and recording fees. Loans are for $10,000 (and sometimes more in special circumstances) and are solely for eligible costs to create a covenant property as determined by Housing Nantucket. The loan will be for 18 months and is to be repaid when the newly created covenant property is sold or transferred. There is no pre-payment penalty.
Program funds are limited and are available on a first come, first served basis. For more information please contact Housing Nantucket at 508-228-4422.