Only on Nantucket.
On the celeb-studded summer isle where multimillion-dollar homes are the norm, the local housing authority is offering struggling year-round residents a shot at “affordable” living, via lottery — with a jaw-dropping price tag.
So dire is the Massachusetts island’s housing crisis, that $1 million is now being referred to as “attainable” — and that’s if you’re lucky enough to win the upcoming draw.
Just two houses are up for grabs in the Sandpiper Development off Old South Road, near Nantucket Memorial Airport — the eye-watering six-figure sum is supposedly within reach for those with incomes at or below 240% of the Area Median Income (AMI).
Let’s put that into perspective: for a single person, the income cap hits $243,840, while for a four-person household, it’s a hefty $348,240.
If that’s you, don’t start dreaming just yet — prospective homeowners praying for a miracle will need to jump through hoops to qualify.
The island’s housing agency demands a pre-approval letter from a “reputable lender,” certifying your financial capability to splash out that $1 million. Oh, and there’s a cap on assets too — no more than half a million dollars allowed.
Forget about owning other Nantucket property, or building your wealth – that’s a no-go in this scenario.
The restrictions don’t end there, either. Residency and resale conditions further tie down potential buyers.
But what does a million bucks get you on this hotly sought after island? A single-family home, boasting three bedrooms and 2.5 baths, sprawled across approximately 1,782 square feet.
It’s luxury living, Nantucket style — if you can foot the bill.
Interested parties have until May 6th to submit their applications to Housing Nantucket, with the lottery slated for May 8th on Zoom.
It’s a modern twist on the American dream — or perhaps, a Nantucket-sized reality check.
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