Dorothy Savarese, president and CEO of Cape Cod Five, presented the Island Housing Trust (IHT) with a $10,000 check to help fund a housing project Friday afternoon in Tisbury.
The money will go directly to the rehabilitation of Hanover House, a former bed and breakfast that will offer 12 furnished bedrooms with bathrooms and three furnished apartments to medical personnel from Martha’s Vineyard Hospital.
IHT purchased Hanover House for $1.85 million. Doug Werther, construction supervisor for the project, said he expects the work will be done in April. Hanover House will be ready for occupation on May 1, IHT communications director Breeze Tonnesen said. In an email to The Times, IHT executive director Philippe Jordi explained while the lease between the trust and the hospital hasn’t been finalized, the essence of it is settled:
“We are basing the lease on fair market rents established for the Dukes County by HUD, including all utilities and furnishing for $1,091 per bedroom/bathroom and $1,281 per one-bedroom apartment for a total of $16,530 per month,” he wrote. “[Martha’s Vineyard Hospital] has agreed to rent the bedroom/bathrooms to their year-round employees earning 60 percent of the area median income for $729 per month and 80 percent of the area median income for $943 per month, and rent the three apartments year-round without income restrictions. The [hospital] will be responsible for providing an onsite manager.”