The Island Housing Trust (IHT) announced last week it has signed a purchase and sale agreement with Ronald and Margaret Jackson to purchase a six-unit apartment building, one of four in the Village Court complex on State Road in Vineyard Haven behind Crane Appliance.
IHT is a Vineyard nonprofit that focuses on funding and creating housing for low-income Islanders. The Dukes County Housing Authority owns the other three buildings and will manage the new purchase after renovation.
The purchase price is $600,000. IHT has until the end of the year to secure the money in grants and other financing to complete the purchase, according to IHT director Philippe Jordi. He said IHT hopes to raise additional funding from Community Preservation Act funds and other sources to renovate the units.
He expects the one-bedroom units will rent for $700 a month and the two-bedroom units for $840 to qualified low-income working Island families and individuals.
“We are fortunate to have the opportunity to buy this building,” Mr. Jordi said. “It would take years to develop a similar property today.” The Village Court buildings were built in 1972.
For more information, go to www.ihtmv.org.