Founding executive of Island Housing Trust to retire

The founding executive of the largest affordable housing developer on the Vineyard announced his retirement this weekend after two decades of leadership. 

In a press release, the nonprofit Island Housing Trust (IHT) announced that Philippe Jordi, the chief executive officer (CEO) who founded the company, will be stepping down by the end of March 2027. The 14-member IHT board has hired a Boston-based search firm called Isaacson, Miller to lead the process of replacing Jordi. The announcement comes as IHT celebrates its 20th anniversary. 

In the two decades since Jordi founded IHT, the housing landscape on the Vineyard has changed and so have efforts to provide accommodations for the Island community. The entire mission of IHT was started by Jordi as an answer to the question of housing availability, back in 2005, when he was the executive director of the Dukes County Housing Authority. 

“It was pretty clear at that time that we needed a new nonprofit to actually develop real estate to create housing — both ownership and rental — for folks here on the Island,” Jordi told The Times in an interview. Jordi learned about the community land trust model that IHT still uses today, where a nonprofit invests in land, and residents are able to purchase or rent the buildings on that land. By 2006, IHT was born. 

IHT, under Jordi’s leadership, became the primary developer of affordable homes and rentals on the Vineyard at a time when year-round residents and seasonal workers were already citing difficulty finding lodging. Over the past 20 years, the issue has increasingly affected the Island’s summer economy and the sustainability of life here.

“A lot of our [year-round] housing stock is being sold to seasonal or investment property interests,” Jordi said. He estimated that out of the “220 homes that we’ve [IHT] created, we’ve lost probably that, or more, over the past decade.”

More than half of Island homes are seasonally owned and lived in for two months or less, and year-round rentals are few and far between because of the short-term rental market in the summers. As for the year-rounders who find housing, nearly one in two of them report being cost-burdened, meaning they spend more than half of their paycheck on their rent or mortgage.

While development proposals are increasing across the Island to meet housing demand, some year-rounders have said they either make too much money to qualify for the affordable units or make too little to afford the market-rate ones. IHT frequently uses an affordability window that resonates with the income of the community more than the towns’ or states’ affordability restrictions. But many locals fall through the cracks and are referred to as the “missing middle,” a term for middle-income earners who miss the eligibility mark for affordable initiatives. Some IHT homes and rentals address that group directly, while others are available to low-income residents. The units are consistently sought after, according to IHT’s data.

“Demand for housing on Martha’s Vineyard continues to exceed supply with roughly 10 applicants competing for every [IHT-developed] home,” the IHT press release stated.

Jordi said the permanent affordability of IHT projects is a crucial part of their mission. Under his tenure, the group partnered with Harbor Homes to secure shelter for unhoused people, advocated for the creation of a housing bank to fund affordable housing initiatives, focused on energy efficiency and sustainable builds, and proposed veterans’ housing in Oak Bluffs. 

“I’m extremely proud of all that we’ve been able to accomplish,” Jordi said. He added that the partnerships with the towns, other nonprofits, the local banks, Affirmative Investments, and the state have been “tremendous.” 

The nonprofit works with the six Island towns, the state, and fundraises with private donor campaigns to build units. So far, $140 million has been raised by IHT, and nearly 300 permanently affordable homes will be completed by the end of 2027. In addition, the nonprofit’s affordable rentals provide for about 400 Vineyard residents. Most recently, IHT cut the ribbon on Meshacket Commons, a project developed in partnership with Edgartown made up of four homes and 36 apartments. 

“It’s been really heartening to see families get the keys to their new homes, and to bring donors on tours of the properties to share what they helped to build,” Jordi said in the release. “Our employees, our board, our partners, and our donors made this all possible. The hard work, focus, and dedication of staff and board members make IHT a model for others to emulate.”

By 2030, IHT hopes to build 200 more permanently affordable homes and rentals, using a strategic plan that Jordi spearheaded. “This is a permanent or perpetual promise that we’ve made to the community, and that, I think, is really powerful,” Jordi told The Times. 

The impact of the affordable housing that has already been built, and that’s already in construction or the planning stage, has a huge impact, Jordi said, “not just today, but for future generations.”

“Philippe’s leadership has shaped the Island in profound and lasting ways,” IHT board chair Pamela Craven stated in the press release. “We wish Philippe and his family the best and are grateful as he leaves IHT exceptionally well-positioned to continue its mission of creating and stewarding permanently affordable homes for year-round residents.”