A planned affordable housing project in Oak Bluffs for low-income military veterans could be ready in mid-2026.
Construction is expected to begin next year and take around a year to complete, the Island Housing Trust told the Martha’s Vineyard Commission meeting Thursday.
The veterans’ housing plan still needs to undergo a public hearing process with the Oak Bluffs zoning board of appeals.
The project is being developed by Island Housing Trust and the Cape and Islands Veterans Outreach Center in Hyannis as Chapter 40B housing, a state program designed to make it easier to build affordable housing.
William Burke, a board member from the Outreach Center, said veterans from the Vineyard will be given preference when resident applications are reviewed.
Under the plan, a trio of two-story buildings will be built on a 3.4-acre lot on Bellevue Avenue in Oak Bluffs. They will contain a total of 12 one-bedroom apartments, with shared community spaces. There will be 15 parking spaces, including two reserved for those with disabilities.
Veterans who earn 30 percent to 80 percent of the area median income are eligible to apply. In a one-person household, this would be between $27,350 and $70,150, according to the Dukes County Regional Housing Authority.
Subsidies will reduce rents to as low as $574 per month for single-person households earning from $27,350 to $53,720, or 60 percent of area median income. Those who earn 80 percent of area median income will receive no subsidies, and their rent will be $1,632.
The project is expected to cost $5.44 million. Island Housing Trust CEO Philippe Jordi said the figure was based on the cost of the Kuehn’s Way affordable housing community in Tisbury.
The developers are pursuing both private and public financing, including $1.9 million from the Massachusetts Executive Office of Housing and Economic Development, and a total of $1 million in Community Preservation Act funding from the six Vineyard towns.
