At the beginning of each new year Housing Nantucket recalculates the maximum sales price cap for a house with a Nantucket Housing Needs Covenant based upon many factors including the interest rates for an average 30 year residential mortgage and the area median income (AMI) for Nantucket. Simply put, when wages are high and interest rates low, the maximum sales price goes up. The maximum price is now $963,867, the highest it has ever been. When the program started in 2003 it was $406,162. To qualify for the progran, the purchaser’s household income must be at, or below, $184,200 per year with unrestricted assets less than $481,934.
There are now over 100 Covenant Houses island-wide that are home to more than 400 of our fellow community members. We soundly support the program and are happy to answer any questions on behalf of potential buyers or sellers.