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.