Several months ago, the Island Housing Trust received certification from the state as a Community Development Corporation (CDC). The state Department of Housing and Community Development announced today $750,000 in grants to CDC’s throughout the state, including a $25,000 grant to the Island Housing Trust at Community Investment Tax Credit announcement.
These grant funds will be used by the Island Housing Trust to develop a community investment plan in preparation for an application for new Community Investment Tax Credits later this year. A community investment plan is a strategic plan that looks at the local environment and its needs for affordable housing and community development activities and proposes ways to work collaboratively in the community to meet those needs.
The Island Housing Trust’s sees this as a wonderful opportunity to work with island towns, housing organizations, and the broader community to develop an implementation plan based on findings and recommendations of the recently released Martha’s Vineyard Housing Needs Assessment. We look forward to reaching out across the community to gather ideas and discuss ways that we can work together. With a community investment plan, we will be able to apply for additional state resources and to potentially attract a larger number of donors and investors to addressing the Island’s affordable housing needs.