AN ACT AUTHORIZING AFFORDABLE HOUSING COVENANTS IN THE TOWN OF NANTUCKET.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. The general court finds that there is a housing crisis on Nantucket Island arising from the housing demand created by seasonal visitors purchasing or renting housing in competition with the demand created by seasonal employees, which competition then adversely affects the ability of current or prospective residents to obtain housing.
SECTION 2. Notwithstanding the provisions of any general or special law to the contrary, the town of Nantucket may adopt by-laws to designate the Nantucket Housing Authority as the agency authorized to create, administer and enforce Nantucket housing needs covenants. These covenants shall run with the land for a specified number of years or if no termination date is specified then in perpetuity, and shall be executed by or on behalf of the owner of the land appropriate to (a) limiting the use of all or part of the land to occupancy by persons or families of middle income in either rental or other housing, (b) restricting the resale price of all or part of the property in order to ensure its affordability by future middle income purchasers, or (c) in any way limiting or restricting the use or enjoyment of all or any portion of the land for the purpose of encouraging or ensuring the creation or retention of rental and other housing for occupancy by middle income persons and families.
SECTION 3. For purposes of this act, "middle income persons and households" shall mean persons and households earning less than 150 per cent of Nantucket county median household income as reported from time to time by the United States Department of Housing and Urban Development.
SECTION 4. This act shall take effect upon its passage.