The Rezendes Family
David Rezendes is a lifelong resident of Nantucket but was giving up hope of ever owning his own home on the island until he literally hit the lottery.
A Navy veteran, David and his wife Susan were selected from approximately 300 people to purchase an affordable home at Sachem’s Path, a housing community developed under Chapter 40B by the Housing Assistance Corporation of Cape Cod in partnership with the Nantucket Housing Authority.
David had been in contact with Cape Cod Five Cents Savings Bank Loan Officer Beth Ann Meehan for a number of years; when David and Susan were selected from the housing lottery, Beth Ann had just the loan product for them.
Beth Ann worked with David to obtain an Operation Welcome Home loan for Veterans, which allowed David to finance 100% of his home purchase. His longtime dream of being able to stay on Nantucket where he lived and worked became a reality.
"Working people don’t have a chance here to buy a home," said David, who works for a home heating oil company. "I was born and raised here and it was just very frustrating that when I was ready to look into homeownership, the real estate market was just too far out of reach. The day I sat down with Beth Ann was the second day after Operation Welcome Home became available and I fit all the criteria. I had already been pre-approved for a mortgage and everything went off without a hitch."
David served in the Navy from 1981 to 1985, spending his last year as a Quartermaster aboard the USS Voge (FF-1047), a destroyer escort.
"Operation Welcome Home is the first (military) benefit that I have really taken advantage of," he said.
Beth Ann said the timing of being picked in the lottery and the launch of Operation Welcome Home "could not have been better" for David.
"I’ve been working with David for years and this was the only opportunity he had to buy a home," she said. "It finally came to fruition. It was great to be able to work with him. He had been renting all that time and this is the first home he has ever owned."
MassHousing also had a role in helping to finance Sachem’s Path by providing $1.2 million from the Affordable Housing Trust Fund. David said he feels very lucky to be able to purchase a newly built home on Nantucket, where there is a scarcity of affordable homes for sale.
"It really feels great to have a place of your own in the place where you grew up and want to live," he said. "My wife and I have two dogs and we are all really enjoying this."