Full Breakdown
Nantucket's Ticcoma Green Project: A Milestone in Affordable Housing
1/7/2026, 8:09:56 PM
Overview of the Ticcoma Green Development
The Ticcoma Green project, a $59 million affordable rental initiative in Nantucket, has officially commenced construction on a 1.4-acre site at 6 Fairgrounds Road. This development, spearheaded by Norton Point Development in partnership with Hallkeen, aims to address the island's significant housing affordability crisis. The project will consist of 64 rental units, including a mix of one-, two-, and three-bedroom apartments, designed for individuals and families earning between 30% and 120% of Nantucket's area median income. Completion is anticipated by 2027.
Financing and Development Challenges
Financing for Ticcoma Green was finalized in December 2022, with Norton Point Development securing $32 million from Rockland Trust, an $8.7 million low-interest loan from the town, and additional funding from the Massachusetts Housing Partnership and state low-income housing tax credits. The project has faced various challenges, including a lawsuit from neighboring property owners that was ultimately dismissed in January 2020. However, the financial landscape has shifted post-COVID-19, causing the project's estimated cost to rise from $40 million in April 2022 to its current figure of $59.3 million.
Impact on Nantucket's Housing Inventory
The addition of the Ticcoma Green units is crucial for Nantucket, which recently achieved "safe harbor" status through October 2026, protecting it from unfriendly 40B housing developments. This status is granted to towns that have at least 10% of their housing stock on the subsidized housing inventory (SHI) list or are making substantial progress toward that goal. With the Ticcoma Green project, Nantucket's SHI percentage has increased to 8%, up from 7% the previous month. Penny Dey, vice chair of the Affordable Housing Trust, emphasized the significance of this development, stating, “This is a huge achievement.”
Criticism and Ongoing Challenges
Despite the progress, challenges remain. Critics argue that achieving the 10% threshold for safe harbor does not provide a permanent solution to Nantucket's housing crisis, which continues to affect a large portion of the population. Dey noted that the percentage can fluctuate with each census, indicating that ongoing efforts are necessary to maintain safe harbor status and address the broader housing issues on the island.
Verbatim Quotes
- “This has been one of the most challenging and rewarding projects Norton Point has undertaken, and Rockland Trust's support was instrumental to its success-without Rockland as a partner, this project might not have moved forward,” — David Oliveri, President & CEO of Norton Point Development
- “Achieving the 10 percent doesn't solve the problem permanently,” — Penny Dey, Vice Chair of the Affordable Housing Trust
The Ticcoma Green project represents a significant step forward in Nantucket's efforts to combat housing insecurity, but it also highlights the ongoing need for comprehensive solutions to the island's housing challenges.
