Nantucket Affordable Housing Trust Approves Major Workforce Housing Development
Historic 64-Unit Project Moves Forward After Years of Planning
The Nantucket Affordable Housing Trust held a decisive meeting on December 10, 2025, unanimously approving closing documents for the Tacoma Green Workforce Rental Housing Project, a transformative development that will bring 64 affordable and workforce housing units to the island. ▶ Watch project introduction
Tacoma Green Project Overview: A Comprehensive Housing Solution
The Tacoma Green development represents one of Nantucket's most significant affordable housing initiatives in recent years. As Trust member Vicki Marsh explained, "This project is going to have a total of 64 residential, affordable and workforce rental housing units." ▶ Watch full project details
Project Composition
The development will feature:
- 55 affordable and workforce housing units
- 9 market-rate units
- Two town-owned parcels at 6 Fairgrounds Road and 4 Weight Drive
- 99-year ground lease on town-owned land
The project's location at Fairgrounds Road provides convenient access to island amenities while addressing Nantucket's critical workforce housing shortage. As one speaker noted, "64 families will have high quality housing at affordable prices in a convenient location. It's going to be amazing." ▶ Watch community impact discussion
Complex Financing Structure Involves Multiple Stakeholders
The Tacoma Green project involves what Trust member Brooke Moore described as "an incredibly complex deal" with sophisticated financing mechanisms designed to maximize affordable housing creation while protecting taxpayer interests. ▶ Watch financing discussion
Financial Components
The Affordable Housing Trust's financial commitment includes:
- $8.7 million contribution from the Affordable Housing Trust
- $18 million in federal and state low-income housing tax credits
- Multiple lender involvement: Rockland Trust, Mass Housing Partnership, and the Executive Office of Housing and Livable Communities (EOHLC)
- Loan maturity dates extending to 2070
As Trust member Brian explained the innovative financing structure: "We are getting the tax credits and then loaning them back out to the project which will in turn return additional funds to the town many, many years from now." ▶ Watch tax credit explanation
Long-Term Financial Protections
The financing arrangements include varying interest rates across different loan instruments, with all loans maturing in 2070. When Trust member Penny Dye asked, "We won't be here [in 2070], but who's responsible for repayment?" the question highlighted the long-term nature of affordable housing investments and the careful structuring required to protect municipal interests over decades. ▶ Watch repayment discussion
Brian also noted that "Bond Council has cleared all of the transactions with very few questions," indicating the legal soundness of the complex financing arrangement. The town will receive an affordable housing restriction in perpetuity, ensuring these units remain available for workforce housing regardless of future market conditions.
Years of Development Culminate in Unanimous Approval
The December 10th meeting represented the culmination of years of planning, negotiation, and community engagement. As one participant reflected, "It has been a long time coming and persistence paid off." ▶ Watch approval discussion
Formal Actions Taken
The Trust took several critical actions during the meeting:
- Unanimously approved all closing documents for the Tacoma Green project
- Authorized execution of the ground lease agreement
- Approved loan documents with multiple lending institutions
- Designated the chair or vice chair to execute closing documents on behalf of the Trust
The streamlined approval process reflected the thorough preparation and due diligence conducted in advance of the meeting, with legal counsel having already reviewed and cleared the complex transaction documents.
Meeting Logistics and Future Schedule
Following the historic vote, the Trust addressed administrative matters and confirmed upcoming meeting dates. ▶ Watch meeting logistics
Upcoming Meetings
The Trust scheduled two additional meetings:
- December 16, 2025 at 12:30 PM - Hybrid format (in-person and remote participation)
- January 6, 2026 at 12:30 PM - Continuing Trust business
The hybrid meeting format ensures broad accessibility for Trust members and public participants, reflecting the island's commitment to transparent governance in affordable housing matters.
The meeting was adjourned by roll call vote after approximately 20 minutes of focused discussion. ▶ Watch adjournment
Impact on Nantucket's Housing Crisis
The Tacoma Green Workforce Rental Housing Project addresses Nantucket's well-documented affordable housing shortage, which has threatened the island's year-round community and workforce stability. With 55 of the 64 units designated as affordable or workforce housing, the project will significantly expand housing options for teachers, healthcare workers, municipal employees, and other essential community members.
The inclusion of nine market-rate units helps subsidize the affordable housing component while creating a mixed-income community that promotes economic diversity. The 99-year ground lease ensures long-term affordability while the town retains ownership of the underlying land.
What This Means for Nantucket Residents
The approval of Tacoma Green represents a major step forward in addressing Nantucket's housing challenges. The project demonstrates how creative public-private partnerships, innovative financing through tax credits, and strategic use of town-owned land can create meaningful affordable housing opportunities.
For families struggling to find affordable housing on Nantucket, the 64 new units at convenient island locations offer hope for stable, high-quality housing. For the broader community, the project represents a commitment to maintaining the year-round population essential to Nantucket's character and economic vitality.
Want to learn more about Nantucket's affordable housing initiatives and other municipal decisions? Search for complete meeting archives, documents, and videos on CivicIndex.io - your comprehensive resource for Nantucket town government transparency and civic engagement.