Nantucket Affordable Housing Trust approves $2 million purchase for three-unit attainable homeownership project

The Nantucket Affordable Housing Trust voted unanimously on Jan. 22, 2026, to approve a $2,000,000 purchase-and-sale agreement for a property identified in the meeting transcript as 158 Madaket Road to be used for an attainable homeownership development.

Trust Chair Brian Sullivan opened the remote meeting and introduced an item from the housing department seeking authorization to execute the agreement. Housing staff member Christie presented the request and said, “The purchase of this property is $2,000,000, and that will come out of our authorization,” noting the Trust previously was authorized to borrow up to $45,000,000 and has about $39,000,000 remaining in that authorization.

Christie told trustees the owner had expressed interest in seeing the property used for affordable and attainable housing and indicated a willingness to explore a bargain sale. She said staff had completed background due diligence, including septic review and site work considerations, and that some personal property currently onsite must be removed by the seller before closing.

On financing and target occupants, Christie said the Trust intends to use its borrowing authorization rather than Community Preservation Committee (CPC) funds and described the project as aimed at “attainable housing,” defined in local zoning as serving households at roughly 150% to 240% of area median income (AMI). She said the parcel’s zoning would allow three dwelling units and that septic constraints equated to an eight-bedroom septic limit; the planned development is a three-unit homeownership project.

Vicki Marsh of the town council was present for questions. Trustees asked whether the scheduled closing date was realistic; staff replied the seller was anxious to close and the timeline had been adjusted only minimally to accommodate a town school vacation.

Mary Mack moved to approve the execution of the purchase-and-sale agreement for the property for $2,000,000, to close on the scheduled date in March, and to authorize a trustee present locally to sign the agreement on behalf of the board; Shonta/Chantal Murphy seconded. By roll call Forrest Bell, Abby D’Malina, Mary Mack and Shonta/Chantal Murphy each voted “Aye,” and the motion carried.

The transcript contains inconsistent renderings of several names and the property address (variants include "158 Connecticut Road" and alternate spellings of the trustee who was authorized to sign). The Trust’s recorded action was approval of the purchase-and-sale agreement and authorization for a named trustee to execute the agreement; the meeting record did not include any dissenting votes.

The Trust noted next meetings on Feb. 3 (hybrid) and Feb. 17 and adjourned following the vote. The Trust indicated a planned closing in March and that staff will continue due-diligence work before transfer.