Steps to Home Ownership

We thank you for your interest in Sachem’s Path, a new affordable home ownership community on Nantucket!  If you are interested in becoming a Sachem’s Path homeowner, here are some steps to get you moving forward:

  • Sign up to receive notifications about when the lottery will be held and updates on the project.

Housing Lotteries exist to ensure fair and equitable distribution of housing to eligible applicants.  Lotteries are designed for the first-time home buyer (with some exceptions), including local working folks, and those over 55 who meet income/asset guidelines.

The workings of a lottery are very simple.  All qualified applicants are pooled and chosen randomly.  Winners are notified immediately.  Should a winner not be able to purchase a home, the next applicant on the list is given the opportunity.

  • Contact a local lender and get pre-approved for a mortgage. The lottery application requires a pre-approval letter from a lender.
  • Assemble all necessary documentation related to income and assets that will be needed during the application process.
  • Complete an approved first-time homebuyer class and/or applicable classes such as Homebuyer Education, Rebuilding Your Credit and Home Forever.
    Contact HAC or Nantucket Housing to determine what classes you should take as part of the process.
  • Prepare yourself to be mortgage ready through such steps as saving for a down payment; keeping track of your credit score; and not incurring any new debt.

As part of the Sachem’s Path project there are three distinct categories of units being built, based upon income level as it relates to the Area Median Income (AMI)** as established 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

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. 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 as shown in the chart below (subject to change).

Household Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person
80% AMI $53,100 $60,650 $68,250 $75,800 $81,900 $87,950
100% AMI $66,430 $75,920 $85,410 $94,900 $102,492 $110,084
150% AMI $99,645 $113,880 $128,115 $142,350 $153,738 $165,126
What is Annual Household Gross Income?

Annual gross income means all amounts, 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.
There is an asset limit for households whose income is at 101% of AMI or more, $400,000.

Does the asset limit of $75,000 change depending on age or family size?

No, it is the same for all households.

Those earning at or below of 100 percent of the AMI cannot have more than $75,000 in assets.

Phase 2 will have 6 homes built for those at or below 80 percent AMI; 6 homes at or below 100 percent AMI; and 10 homes at or below 150% AMI.

*NOTE: We do not yet have a date set aside for the housing lottery though you should check this website often as we will make an announcement when we do.

You can also look in your local newspaper (The Inquirer and the Mirror and the Cape Cod Times) for ads providing details on the lottery.

Housing Assistance Corporation will also post local Public Service Announcements (PSAs) to radio and cable networks and will provide flyers to local groups including Housing Nantucket, libraries, elder services, schools, town departments and churches to post and share with their constituents.

(Again, we suggest that you sign up for notifications so that you do not miss any important deadlines.)

**NOTE: The AMI’s are subject to change.

 Sign up here to stay informed.