The Island Housing Trust (IHT) held a ribbon-cutting ceremony last Thursday to celebrate the completion of six newly renovated rental apartments at Village Courtoff State Road in Vineyard Haven, behind Crane Appliance.
IHT purchased the six-unit apartment building in February 2014 for $600,000 from Ron Jackson, less than the appraised value. It then raised an additional $683,000 to complete the renovations and energy retrofitting necessary to rent the apartments to lower-income working Island families and individuals, according to a press release.
IHT executive director Philippe Jordi credited a number of generous contributors that included Edgartown National Bank and Island community preservation act committees. The Dukes County Regional Housing Authority will rent the apartments for between $693 and $1,022 to lower-income working Island residents earning between $24,700 and $47,600 annually.
For more information, go to ihtmv.org.