Island Housing Trust application - 401 State Road 60+ Housing

60+ Housing at 401 State Road, West Tisbury
Island Housing Trust (IHT) Philippe Jordi, CEO
P.O. Box 779 West Tisbury, MA 02575
info@ihtmv.org
(508) 693-1117

NOTE: change in the project - 55+ to 60+ (11/30/23 - see letter attached)

Project Category: The 401 State Road project applies to the CPA Community Housing category. The project will provide the first neighborhood of permanently affordable rental housing opportunities for island residents 55+. This project achieves this goal by designing and building 9 rental apartments and a shared community room within 5 duplex buildings.
Funding Scope:  The estimated project costs of the 9 rentals at 401 State Road is $4,955,748.
Sources of private and public funds are:
• $132,520 from the Town of Edgartown CPC,
• $70,680 from the Town of Tisbury CPC,
• $12,160 from the Town of Aquinnah CPC,
• $42,400 from the Town of Chilmark CPC
• $1,056,480 from the West Tisbury CPC, and
• $85,760 from the Oak Bluffs CPC.
• $2,093,912 in mortgage financing
• $781,836 in Island Housing Trust Equity
• $500,000 in EOHLC Small Town Rural Development Funds
• $180,000 in CLC and MassSave Rebates
Goals: IHT is requesting $42,400 in Chilmark CPA funding as part of a total request of $1.4 million to all 6 island towns, to help pay for the construction of 9 rental apartments with the objective of serving the island residents 55+ and their families. In exchange for the grant funding, preference to a Chilmark 55+ resident will be given for one of the 9 apartments for residents earning 100% or less of the area median income. IHT is proposing to build 9 rental apartments and a shared community room benefiting island-wide 55+ residents on land that will be ground-leased from the Town of West Tisbury. IHT is currently in the planning and design process with an architectural and engineering team to build a neighborhood of two 2-bedroom and seven 1-bedroom apartments and a shared community room with a kitchen and ½ bath. This neighborhood will provide livable, energy efficient, and accessible rental housing for residents who are 55+. Once constructed, IHT will contract with the Dukes County Regional Housing Authority (DCRHA) to provide rental and property management services. The 3.1-acre project site is located at the corner of Lamberts Cove Road and State Road. The site will be served by well water and an on-site septic system. Site access will be from Lamberts Cove Road, which minimizes traffic on State Road. A 50-foot forested buffer will be retained around the building site providing privacy for residents and abutters. IHT has the objective that all structures will be designed to be energy efficient, sustainable, all-electric and oriented to maximize solar generation. The site will be 100% visitable with two units being fully accessible. Each unit will have laundry and storage.
Community Need and Support: The 401 State Road project will provide 55+ housing for island residents and their families to age in place. There is a growing need on the island for housing for residents 55+, providing affordable, low maintenance and accessible rentals for the older active lifestyle that allows ‘aging in place’. According to the 2021 American Community Survey (ACS), 41.3% of Dukes County residents were 55 and older, a 12% increase from 2010. The largest segment of older residents is between 55-74, representing 32.5% of the population, increasing from 20% in 2010, illustrating the growing demand for “active” age-restricted rental housing. There is a very limited number of multi-family rental housing units on Martha's Vineyard as outlined in town and Dukes County plans. Only 1.5% of the Island's total housing stock (11,604 units) consists of Page 3 of 4 401 State Road 55+ Housing October 24, 2023 larger multifamily rental buildings of more than 5 units. There is a substantial demand for affordable
rental units. The creation of 9 permanently affordable rental apartments 401 State Road in West Tisbury will help address the significant need for permanent homes for residents 55+ and their families on
Martha's Vineyard. The need for affordable rental housing island-wide has been well documented. The Martha’s Vineyard Housing Needs Assessment updated in 2020, recommends the creation of 50 units of affordable community housing per year, with 20% for affordable homeownership and 80% for year-round rental housing serving those earning 60% or less of the area median income - our most vulnerable population. The DCRHA has certified 296 households on their rental housing waitlist island-wide. Please see the attached support letter from Healthy Aging Martha’s Vineyard outlining that as rental properties diminish, many adults lose their housing as they downsize from their single-family homes, forcing them to move off the island. There has been no opposition to this project by any island boards or committees. IHT has begun the permitting process and is working with MVC and the Planning Board to minimize impact on neighbors, maintaining as much natural treed landscape as possible. IHT has been providing outreach to neighbors to include abutters in the conceptual design process for the project to ensure compatibility with the neighborhood and the island’s vernacular architecture. Affordable Housing Committees island-wide are in support of the project.
Timing: The Town of West Tisbury issued an RFP for the town owned 401 State Road property specifically to build affordable housing for the Island’s 55+ community. IHT responded and was awarded the project and will be entering into a 99-year ground lease with the town upon construction closing. In June 2023, IHT hired an architectural and engineering team to start conceptual design. Permitting from the
Planning Board (Multi-Family Zoning) and the MVC will take place in the fall of 2023 with permits secured by the end of the year. Design Development and Construction Documents are currently being started with completion in March 2024. Contractor bidding will occur in April and May 2024, with construction starting in July 2024 and construction completion in July 2025. An agreement will be entered into with the DCRHA for property and rental management services prior to the apartments being occupied by income-qualified tenants in the summer/fall of 2025.