MV FUTURE FINANCING
In partnership with the Martha’s Vineyard Bank, IHT launched a Social Impact Investment fund called MV Future Financing in order to provide permanent financing for rental housing for income qualified hospital employees at The Hanover House. IHT repurposed the historic Hanover House Inn as year-round affordable rental apartments in Vineyard Haven. 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, which is providing below-market rate permanent financing for workforce housing at the Hanover House.
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 MV Hospital CEO Denise Schepici sharing the story of the Hanover House’s impact on employee retention.
Please click on the link for a summary of an example of the MV Future Financing participation loan opportunity and FAQs. MVFF Loan-Participation-General-Package.
If you or your foundation are interested in investing in the future of Martha’s Vineyard, please contact Chief Advancement Officer Joanna McCarthy at firstname.lastname@example.org.