INVEST
INVEST
Hanover House, 15 permanently affordable year-round rentals for hospital employees, financed by the Make it Happen Fund and MV Future Financing.
Martha’s Vineyard is in the midst of a housing crisis, impacting not only the people and families who are struggling to afford to live here, but also all of us who are part of the Vineyard economy and who value the diversity and character of our island.
The short-term Make It Happen Fund and long-term Martha’s Vineyard Future Financing engage socially responsible community members and foundations in the Island Housing Trust’s mission of creating housing affordability so that our island communities can thrive. Both of these low interest, social impact loans help IHT reduce the cost of development and management capital.
Please contact Philippe Jordi, CEO, at pjordi@ihtmv.org and 508.693.1117 for more information.
MV Future Financing is a secured participation loan serviced by the MV Bank. It provides IHT with mortgage financing at below-market interest rates for specific building projects. By participating, investors have the opportunity to create a positive social impact, while retaining their capital and realizing a below-market rate return. IHT transfers the benefit of the lower-cost capital to our homeowners and renters. Investors in the MV Future Financing program receive principal and interest payments monthly, over the 10-year life of the loan.
Currently we have an MV Future Financing opportunity for the installation of solar panels at Kuehn’s Way, a neighborhood of 20 rental homes in Tisbury.
Our upcoming MV Future Financing opportunities include the following:
– 401 State Road, a neighborhood of 8 rental homes in West Tisbury
– Bellevue Veteran’s Housing, a neighborhood of 12 rental homes for veterans
– 48 Old Courthouse Road, a neighborhood of 8 rental homes for school employees
Our MV Future Financing program has a successful history in its financing of The Hanover House in Vineyard Haven, a renovation which provided shared rental housing for income qualified hospital employees. IHT repurposed the historic Hanover House Inn as year-round affordable rentals. There are 12 private rooms and baths in the main house as well as 3 apartments in a separate building. In 2019, four private investors along with MassHousing and MV Bank invested $1.8 million into the MV Future Financing’s first 10-year participation loan.
Housing directly affects the Island’s employers, including Martha’s Vineyard Hospital, one of the Island’s largest non-profit employers and our only primary care provider. MV Hospital struggles to attract and retain qualified employees to service our community’s health care needs. Click here for a short film featuring  Martha’s Vineyard Hospital President and COO Denise Schepici sharing the story of the Hanover House’s impact on employee retention.
If you or your foundation are interested in investing in the future of Martha’s Vineyard, please contact Philippe Jordi, CEO at pjordi@ihtmv.org
The Make It Happen Fund is a short-term community investment opportunity which provides IHT with the ready capital we need to compete in the robust Martha’s Vineyard real estate market. When suitable properties become available, having ready capital allows us to act quickly to secure them from the existing housing inventory.