Island Housing Trust (IHT), a nonprofit developer of affordable and workforce housing on the Vineyard, set a goal of raising $1 million during its summer campaign and donors toppled that mark by $500,000.
As of Wednesday, the campaign had taken in $1.48 million.
“Clearly the need is there and it’s foremost in everyone’s mind,” Philippe Jordi, executive director of IHT, told The Times. “They see the lack of housing as being a direct impact in terms of the workforce here on the Island and the viability of our community long term especially as it relates to the year-round population. People really stepped up in a big way.”
Jordi said the campaign took in three times what the nonprofit raised last year. “It parallels what we’re trying to do, which is really to do three times as much in terms of the homes we can create for our year-round community. It was really heartening to see.”
The fundraising effort was done over a one-month period with 23 key supporters encouraging their friends to make donations through the Give Lively program.
“We launched our campaign in mid-June and it has been so gratifying to be part of this incredible effort. I am beyond excited by what we’ve accomplished.” Christopher Anderson, IHT’s director of annual giving, said in a release. “We’re very fortunate to have a great staff and team of volunteers who are completely dedicated to our mission. Together they catapulted us over the finish line on July 27th when our campaign officially ended.”
In addition to private donations, last week IHT also received $2.3 million through the Make It Happen Fund, a social impact investment program,” the release states. This short term, low interest revolving line of credit allows IHT to purchase properties in the extremely competitive Island real estate market. In the past 4 years, these funds have been utilized over 16 times for a total of $5.1 million in investments, according to the release.
Jordi said seasonal residents to the Island sometimes don’t know the extent of what IHT does. “When they do realize that there is something happening, that there is momentum and success behind it, they’re often willing to step up.”