The Island Housing Trust (IHT) announced Tuesday that it had received a $160,000 grant from the Federal Home Loan Bank of Boston, through the Edgartown National Bank, for the construction of three new rental apartments in West Tisbury that will serve very low-income residents.
IHT said 115 applicants from across the New England region competed for over $20 million in grant funding. The Island Housing Trust’s application was selected 4th out of the 43 awarded. In addition, the Edgartown National Bank has provided the Island Housing Trust with an 18-month construction loan that will convert to a permanent loan.
The three new apartments are part of a four affordable rental apartment complex at 12 Clam Point Road in West Tisbury. All seven apartments will be managed by the Dukes County Housing Authority (DCHA) after completion. The property is adjacent to the entrance to the Martha’s Vineyard Land Bank’s Sepiessa Point Reservation.
The $922,000 project cost includes an upgraded, more efficient septic system that will service all seven apartments.
South Mountain Company of West Tisbury designed the MassSave certified green apartments. Farley Pedler of Drewscove Builders from Chilmark submitted the winning bid for the project. Construction has begun and is scheduled to be completed by June 2014.
Additional funding came from the West Tisbury Community Preservation Act, the Dukes County Regional Housing Authority, as well as donations from foundations and individuals. For more information, contact Philippe Jordi, IHT Executive Director at 508-693-1117.