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Affordable Rentals Break Ground on Martha’s Vineyard
Ground has been broken for Tackenash Knoll in Oak Bluffs on Martha’s Vineyard, which will deliver 60 new affordable and workforce rental homes. The project is being developed through a partnership between Island Housing Trust (IHT) and Affirmative Investments, Inc.
Committed funding for the new housing community includes approximately $11 million in permanent and workforce housing financing from MassHousing, $27.3 million from the allocation of federal and state Low Income Housing Tax Credits by the Executive Office of Housing and Livable Communities, $6 million in direct support from EOHLC, $3.6 million through IHT and $750,000 through the town of Oak Bluffs. Stratford Capital Group, LLC, is the tax credit investor and syndicator and Rockland Trust Company is the construction lender.
“Tackenash Knoll represents the largest neighborhood of year-round affordable and workforce housing on Martha’s Vineyard and comes at a time when over 1,000 working island residents and their families face housing insecurity,” said Philippe Jordi, CEO of IHT.
- ◦Development
- ◦Financing
