In response to the recent concern raised by many in the community regarding lack of affordable housing,the Land Bank is working on the following initiatives:
- Adoption of an Affordable Housing Policy: The Commission has adopted an affordable housing policy similar to the one created by the Martha’s Vineyard Land Bank. It states, among other things, that the Land Bank will not target land suitable for affordable housing, and further, that prior to acquisition, future properties will be assessed to see if a joint purchase with an affordable housing agency makes sense.
- First-time Homeowners “M” Exemption: Staff will be recommending raising the first-time homeowner exemption from $400,000 to $500,000 effective January 1, 2016.
- New “O” Exemption: The Commission will be sponsoring a warrant article at the 2016 Annual Town Meeting to add a new exemption to the Land Bank Act that would make sales of permanently restricted affordable properties exempt from the Land Bank’s 2% fee.
- Surplus Building Use Program: We are looking into ways to provide incentives to relocate surplus Land Bank houses that would otherwise get demolished. We maintain a list of individuals interested in such houses. If you would like to be added to the surplus housing list, please email jbell@nantucketlandbank.org.