MAINTAINING A BALANCED, ECONOMICALLY DIVERSE COMMUNITY
Like other coastal communities and islands, Martha’s Vineyard enjoys a worldwide reputation as a travel destination. With this distinction come challenges: a seasonal service economy with low paying jobs, rental housing that is expensive and often available only part of the year, many seasonal homeowners and increasing high property values that are out of reach for local wage earners.
By acquiring land and creating permanently affordable homes for individuals and families with low, moderate, and middle incomes, the Island Housing Trust is helping our island community remain balanced and diverse – with young and old, working and retired, and a wide range of incomes.
We make it possible for people who are essential to our community’s well being – teachers, shopkeepers, health care workers, construction workers, small business owners, municipal employees, among others – to afford to own a home despite today’s high prices. Island children can thrive in stable, safe neighborhoods. Time and energy spent struggling with short-term or inadequate housing can be put to more productive use that benefits the entire community (see Island Housing Trust Homeowner Profile).
Best of all, today’s investment in affordable housing will benefit the Martha’s Vineyard community for generations to come because of the way the Community Land Trust model works (see Community Land Trust model).
The Island Housing Trust has drafted a set of best management practices or Programmatic Goals for its Community Land Trust. These policies and procedures help guide the board of director’s decision-making process on various issues from project design and construction, affordability, housing type, contractor and homebuyer selection, as well as business operations. As a work-in-progress, the Island Housing Trust will continue to review, revise, and update these programmatic goals and make them available to the public.
The Island Housing Trust Corporation has released its 2010 Annual Report and an Affordable Housing Investments (2005-2010) report that provides an accounting of all public and private investments over the past five years. The Trust has reviewed and approved its audited Financial Statement for 2010 that is conducted annually by the CPA firm of Sanders, Walsh & Eaton LLP. Copies of the corporation's state and federal tax forms (Form 990) are provided to each island town with properties held by the Trust and can be obtained from the Trust, island towns, or downloaded from GuideStar.
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