Island Housing Trust (IHT) received $3.8 million from MassHousing for the development of the affordable housing project Kuehn’s Way in Tisbury, “a 20-unit rental community for lower- and moderate-income households.” IHT received a $2 million permanent loan and $1.8 million in workforce housing funding from the agency’s Workforce Housing Initiative, according to a press release.
Kuehn’s Way will be the largest new affordable housing project on the Island in the past 15 years. The project will be built with modular homes in 10 duplexes. There will be three one-bedroom apartments, 14 two-bedroom apartments, and three three-bedroom apartments.
Two of the apartments will be for people earning up to 30 percent of the area median income (AMI), with support from the Massachusetts Rental Voucher Program. The remaining units will be for workforce households earning up to 80 percent of the AMI. The AMI in Martha’s Vineyard is $104,700 for a four-person household.
“What we’re seeing is dramatic,” Philippe Jordi, executive director of IHT, said in the release. “We’ve lost literally 600 year-round homes over the past 10 years that have been sold and converted to seasonal and short-term rentals, so we are now at a record low of year-round homes in our total housing stock, which is now at 38 percent. Kuehn’s Way will help bridge that gap.”