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Boston & New England  + New England  + Finance  | 

MassHousing Provides $1M Affordable Housing Financing for Martha’s Vineyard MF Project

MassHousing has provided $1.1 million in affordable housing financing to the non-profit Island Housing Trust (IHT) for the recently completed Perlman House, a seven-unit, mixed-income and workforce housing development on Martha’s Vineyard. The property was a former bed and breakfast.

Located at 20 Edgartown Road in Tisbury’s Vineyard Haven neighborhood, IHT combined the inn’s former guest rooms with shared space to create seven new rental units. Two of the units will be restricted to households earning at or below 60 percent of the Area Median Income (AMI) and the remaining five units will be for households earning up to 80 percent of AMI. The AMI for Martha’s Vineyard is $104,800.

MassHousing provided IHT with a $620,000 permanent loan and $500,000 in workforce housing funding from the Agency’s Workforce Housing Initiative. In addition to the MassHousing financing, other financing sources included $700,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Commonwealth, $500,000 in Tisbury and West Tisbury Community Preservation Act funding and Tisbury Municipal Housing Trust funding and $195,200 in developer equity funding.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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