MassHousing Offers $1M Affordable Real Estate Funding for Martha’s Vineyard MF Project

MassHousing has actually supplied$1.1 million in budget-friendly real estate funding to the charitable Island Real estate Trust (IHT) for the just recently finished Perlman Home, a seven-unit, mixed-income and workforce housing growth on Martha’s Vineyard. The property was a previous bed and breakfast.

Found at 20 Edgartown Road in Tisbury’s Vineyard Haven community, IHT combined the inn’s former visitor rooms with common area to develop 7 brand-new rentals. 2 of the units will be restricted to families making at or below 60 percent of the Location Average Income (AMI) and also the continuing to be 5 units will be for homes gaining up to 80 percent of AMI. The AMI for Martha’s Vineyard is $104,800.

MassHousing given IHT with a $620,000 permanent loan and $500,000 in labor force housing financing from the Company’s Labor force Housing Initiative. Along with the MassHousing funding, various other financing resources included $700,000 from the Affordable Real Estate Count On Fund, which MassHousing manages in support of the Commonwealth, $500,000 in Tisbury as well as West Tisbury Neighborhood Conservation Act financing and Tisbury Municipal Housing Count on financing as well as $195,200 in programmer equity funding.

Inside The Story

About the Writer

David Cohen is Southeast Content Supervisor at Attach Commercial Realty. David is a media professional with more than 10 years of experience in journalism, copywriting and interactions across a variety of duties.
Email the Author

Published at Thu, 04 Mar 2021 18:12:37 +0000

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.