What's Happening?
The Ticcoma Green affordable rental housing project in Nantucket has commenced construction, marking a significant milestone in the island's efforts to address housing affordability. The project, valued at $59 million, is being developed by Norton Point
Development in partnership with the Town of Nantucket and Hallkeen, a real estate management company. The development will feature 64 units, including a mix of one-, two-, and three-bedroom apartments, aimed at individuals and families earning between 30% and 120% of the area's median income. The project has been in planning for over a decade and has faced various challenges, including legal disputes and rising costs. Financing was secured through a combination of sources, including a $32 million loan from Rockland Trust, an $8.7 million low-interest loan from the town, and state housing tax credits. The project is expected to be completed by 2027.
Why It's Important?
The Ticcoma Green project is crucial for Nantucket, a community significantly impacted by housing affordability issues. By providing affordable housing options, the project aims to alleviate the housing crisis on the island, which has been exacerbated by rising property values and limited availability. The development not only addresses the immediate need for affordable housing but also contributes to the long-term economic stability of the area by supporting a diverse population. The project's success could serve as a model for other communities facing similar challenges, demonstrating the importance of public-private partnerships and innovative financing solutions in tackling housing affordability.
What's Next?
As construction begins, the focus will shift to ensuring the project stays on schedule and within budget. The development will include shared amenities such as a community garden, EV charging stations, and a playground, enhancing the quality of life for future residents. The allocation of units will be determined through a lottery system, prioritizing those who meet the income criteria. Stakeholders will need to continue collaborating to address any unforeseen challenges that may arise during construction. The project's completion in 2027 will be a significant step forward in addressing Nantucket's housing needs.
