The Federal Home Loan Bank of Boston has awarded the Island Housing Trust a $390,000 grant through the Edgartown National Bank for the construction of six new energy-efficient rental apartments in downtown Vineyard Haven that will serve low-income residents.
A total of 123 applicants from across the New England region competed for more than $15 million in grant funding, according to a press release. The Island Housing Trust’s application was selected 15th out of the 32 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.
This is the third year in a row that the FHLB Boston has awarded a project grant to the Island Housing Trust, IHT executive director Philippe Jordi said. Additional funding came from the towns of West Tisbury and Tisbury Community Preservation Act committees, Charlesbank Homes, the Zeitgeist Foundation, Kuehn Charitable Foundation, and donations from individuals.
Farley Built, Inc., from West Tisbury has begun construction, and the apartments are scheduled to be completed in June 2016.