Rental units ready for hospital workers to move in

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A former Tisbury inn purchased by Island Housing Trust (IHT) less than a year ago is renovated and ready for employees of Martha’s Vineyard Hospital to move in.

In what was billed as a “unique partnership,” the affordable housing nonprofit and hospital paired up to create 12 single rooms for year-round rentals at the former Hanover House, which include a shared kitchen, dining, and living spaces, but have en suite bathrooms. There are also three efficiency apartments available for rent.

At a ribbon-cutting ceremony Thursday afternoon, IHT officials, bank representatives, hospital representatives, and housing advocates crowded into one of the common areas — shoes off to protect the hardwood floors — to celebrate the partnership.

“It doesn’t just affect our employees,” Denise Schepici, CEO at Martha’s Vineyard Hospital, said. “It affects our entire community, because our employees take care of the entire Island.”

Schepici relayed a story of a certified nursing assistant (CNA) who rescinded her resignation after learning about the affordable rentals at the Hanover House. “Even before this ribbon-cutting, Hanover House is making a difference,” she said. “[The CNA] now has an affordable option to live here.”

“Wow,” said one of the audience members.

The hospital has entered into a renewable five-year lease on the property.

In another unique partnership, James Anthony, president of Martha’s Vineyard Bank, described M.V. Future Financing, a way for private individuals and foundations interested in investing $25,000 or more to provide $1.8 million in financing for Hanover House. Participants will purchase pieces of that loan, Anthony said. “They’re getting their money back. This is a low-risk investment,” he said. “We’re creating something that doesn’t exist elsewhere.”

Dan Seidman, a member of the IHT board, was credited with pushing for the Hanover House purchase by IHT executive director Philippe Jordi.

Seidman recalled his grandfather living in a single room at a YMCA as an affordable place to stay while he was starting out. The Hanover House model gives hospital workers something more than his grandfather had. “Everything being en suite, once Philippe and I saw this, we really had to do this,” he said.

8 COMMENTS

  1. Are the “other Island business” to which you refer non-profits? Are the other businesses of providing a rapid-response, 24/7, for stroke victims? Do the other businesses provide services for diagnosing DVT blood clots, or provide infusion services, MRI’s, CT Scans, and X-rays? Now, maybe the businesses to which you refer do these things. If the don’t, though, think about the very real possibility of having to go off-Island when one feels that little pain in one’s chest.

    • Imagine having to go off island for gasoline, food, medicine and all the necessities of life. Will IHT be bailing out these businesses as well? Partners Healthcare nets over $50 million a year profit.

      • Did anyone die during the Stop-n-Shop strike? Heaven forbid you (or your wife, or mother, or father) should have a blinding headache accompanied by slurred speech and facial droop. Likewise, a sudden shortness of breath that does not abate. Think you will survive long enough to make a ferry reservation for the next available boat, which may be days from your event. When the nurse, PA, MD, or technologist leaves the Island, so, too, does the person who may keep you from bleeding to death. The person who can determine the presence of a stroke in under 60 seconds won’t be there. How long can you last with an aortic dissection? Do you think you will survive that long? BS, your reasoning is to die for.

  2. The Hanover House was purchased and renovated by the Island Housing Trust using only private funding and financing. As mentioned in the article, the IHT bought the property last August for $1.85 million, using short-term low-interest financing from private investors and foundations. The IHT has launched a new social impact investing opportunity called MV Future Financing – a 10-year participation loan through Martha’s Vineyard Bank to repay their short-term investors. If you’re interested in investing in permanent year-round rental housing solutions, please contact the IHT at 508-693-1117 or info@ihtmv.org

  3. The start of a problem solving itself. Businesses need to provide housing if they want affordable employees, attract talented individuals and survive.

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