Image courtesy of Union Studio
Rockland Trust has provided $31 million in construction financing for what’s being billed as the largest year-round affordable housing development on Martha’s Vineyard.
The garden-style, 60-unit Tackenash Knoll project is being developed by a joint venture of the nonprofit Island Housing Trust and Boston-based Affirmative Investments Inc.
The Vineyard currently has “over 1,000 working island families [who] face housing insecurity,” Island Housing Trust CEO Philippe Jordi said in a statement.
“At Rockland Trust, we’re proud to support Island Housing Trust and Affirmative Investments, Inc. in their continued efforts to expand access to affordable housing on the Island,” Rockland Trust Vice President and Commercial Banker Kelly Nguyen said in a statement. “Tackenash Knoll represents more than just new construction — it’s a lasting investment in the strength and stability of our local communities. We’re honored to play a part in helping those in need to find a place to call home.”
The development’s full financing package includes approximately $11 million in permanent and workforce housing financing from MassHousing, a $27.3 million from the allocation of federal and state Low Income Housing Tax Credits by the state Executive Office of Housing and Livable Communities, $6 million in direct support from EOHLC, $3.6 million through Island Housing Trust, and $750,000 through the town of Oak Bluffs. Stratford Capital Group LLC is the tax credit investor and syndicator
The complex will be made up of 12 2- and 3-story, townhome-style buildings. Additionally, the neighborhood will include a small community center and 90 surface parking spaces. The site at 85 Edgartown-Vineyard Haven Road is next to the Martha’s Vineyard YMCA and across the street from the island’s high school.
The complex has been designed an all-electric project and rooftop solar panels will be installed on each building, supporting a cleaner energy future. Union Studios is the project architect, Delbrook JKS is the general contractor and the management agent will be The Community Builders.
The residential buildings will consist of a mix of rentals, with three units in each of some buildings. The rental breakdown includes 12 one-bedroom units, 42 two-bedroom units and six three-bedroom units. Fifty-two of the units will be designated as Low-Income Housing Tax Credit (LIHTC) units. The remaining eight units will serve middle-income households earning up to 120 percent of the area median income.
“MassHousing is excited to partner in this effort to bring 60 new rental homes to Martha’s Vineyard for residents with a range of incomes,” MassHousing CEO Chrystal Kornegay said in a statement. “These new homes will provide quality housing options for households who live and work on the island.”
