Provincetown Launches 'Lease to Locals' Program to Boost Year-Round Housing

The 'Lease to Locals' pilot program is a new initiative designed to tackle the lack of year-round housing in Provincetown. The program provides incentives of up to $20,000 to property owners who transform their short-term rentals or largely unused properties into year-round rentals. These properties should be rented to Provincetown residents who work locally or contribute to the community. The Provincetown Select Board and Year-Round Market Rate Rental Housing Trust have set aside $348,500 for the program's first year.

Before the program's official start on April 1, over 50 potential tenants and 20 property owners have expressed interest. Several year-round leases have already been signed. Town Manager Alex Morse encourages property owners to join the program and support local housing.

The program was created by Placemate, Inc., an organization experienced in addressing housing problems in vacation communities by promoting long-term rentals. The 'Lease to Locals' program aims to meet immediate housing needs by making existing units available for long-term rentals, while the Town plans for more housing units.

To be eligible for the program, properties must be in Provincetown and not have been rented long-term in the past year. The properties have a maximum rental rate based on the unit size. Property owners who switch to long-term renting can receive a one-time financial incentive between $4,000 and $20,000, depending on their property size and the number of eligible tenants they rent to.

Provincetown has also updated and broadened the eligibility for the Town’s Rental Assistance Program. The Self-Sufficiency Local Voucher Program allows eligible renters earning up to $84,650 annually to get up to $400 monthly in rental assistance from the Town. The Town’s Expanded Residential Exemption is also open to property owners who rent their property year-round, qualifying them for a 35% residential tax exemption.

This article has been enhanced with AI assistance. Agree to access AI-generated content by clicking here, or opt for content with less AI influence here.