Who the project is for

Sachem’s Path  homes will be priced to be affordable for moderate-income first-time home buyers. Homes will be available for purchase to those making up to 150 percent of Nantucket County’s Area Median Income (AMI); the tables below show the current AMI figures for Nantucket County.

80 PERCENT AMI (Subject to change)

Household Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person
80% of AMI $53.100 $60.650 $68.250 $75.800 $81.900 $87.950

100 PERCENT AMI (Subject to change)

Household Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person
100% of AMI $66.430 $75.920 $85.410 $94.900 $102.492 $110.084

150 PERCENT AMI (Subject to change)

Household Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person
150% of AMI $99.645 $113.880 $128.115 $142.350 $153.738 $165.126

Home buyers must be able to qualify for a mortgage from a bank.

Visit our Next Steps page to get more information.

 

What is the Area Median Income and does it change depending on my family size?

The Area Median Income (AMI) is established for Nantucket County by the Department of Housing and Urban Development (HUD). In order to be income eligible, your anticipated annual gross income for all adult household members (current or anticipated) for the 12-month period following application must be at or below the income limits for Nantucket County.  We have posted new income levels for Phase II of Sachem’s Path.

What is Annual Household Gross Income?

Annual gross income means all amounts, monetary or not, which go to or on behalf of all current or anticipated adult household members for the 12-month period following application.

What is the asset limit?

For all households whose income is under the 80% and the 100% AMI, the asset limit is $75,000.
For those whose income is under 150% AMI, the asset limit is $400,000.