IHT has partnered with the Martha’s Vineyard Bank to create an opportunity to participate in a new and innovative social impact loan program called the MV Future Financing.
This recently launched program is an $1.8 million below-market-rate, 10-year loan, that will be used for year-round, income qualified, hospital employee housing at Hanover House, a classic 16-bedroom inn that IHT recently renovated and repurposed in Vineyard Haven.
Housing directly affects Martha’s Vineyard Hospital, one of the island’s largest non-profit employers and our only primary care provider who struggles to attract and retain qualified employees. At the Hanover House ribbon cutting ceremony in early May Denise Schepici, President and CEO of the hospital said, “It’s already making a difference. Yesterday a CNA at Windemere rescinded her resignation because of the Hanover House.”
Please find a link here to a summary of the participation loan opportunity that describes the property and the details of the loan. It also provides answers to frequently asked questions about this new program.
This is an interesting new way to support the work IHT is doing to create and renovate more year-round affordable housing for island residents. Once you’ve read the information provided if you find this opportunity interesting, the expression of interest letter will initiate the next step in the process. You can also reach out to Christopher Anderson, IHT Development Director to speak with him directly about this program and how it works.
Hanover House photo by Randi Baird Photography