Boston – MassHousing has committed $3.8 million in affordable and workforce housing financing to the non-profit Island Housing Trust(IHT) for the development of Kuehn’s Way in West Tisbury.
Kuehn’s Way is a 20-unit rental community for lower- and moderate-income households and will be the largest new affordable rental housing development on Martha’s Vineyard in 15 years. The project is being built with modular units that are being shipped to the island and will be constructed into 10 duplex homes.
Located on State Road in West Tisbury, Kuehn’s Way will create two apartments restricted to household earning up to 30% of the Area Median Income (AMI), which will be supported through the Massachusetts Rental Voucher Program. The remaining 18 apartments will be workforce units restricted to households earning up to 80% of AMI. There will be 3 one-bedroom apartments, 14 two-bedroom apartments and 3 three-bedroom apartments.
MassHousing provided IHT with a $2 million permanent loan and $1.8 million in workforce housing funding from the Agency’s Workforce Housing Initiative.
Other financing sources included $1 million from the Massachusetts Department of Housing and Community Development(DHCD), $1.5 million in local Community Preservation Act funds, $1 million from the community Scale Housing Initiative, which is jointly administered by DHCD and MassHousing, and $2.3 million in developer funding.
The construction lender is Martha’s Vineyard Savings Bank. KBS Builders, Inc., of Maine, will construct the modular housing units and deliver them to the island. CapeBuilt Construction is the general contractor and will be responsible for building foundations and work at the site. The architect is LDa Architecture and Interiors and the management agent is the Dukes County Regional Housing Authority.