Boston – Ground was broken recently for Tackenash Knoll in Oak Bluffs on Martha’s Vineyard, which will deliver 60 new affordable and workforce rental homes through a partnership between Island Housing Trust (IHT) and Affirmative Investments, Inc.
Committed funding for the new housing community includes approximately $11 million in permanent and workforce housing financing from MassHousing, $27.3 million from the allocation of federal and state Low Income Housing Tax Credits by the Executive Office of Housing and Livable Communities (EOHLC), $6 million in direct support from EOHLC, $3.6 million through IHT, and $750,000 through the town of Oak Bluffs. Stratford Capital Group, LLC, is the tax credit investor and syndicator and Rockland Trust Company is the construction lender.
The development team was selected through a competitive request for proposal process by the Town of Oak Bluffs to create new housing on a vacant, undeveloped 7.8-acre parcel of land owned by the town. The site is approximately 3.5 miles from the centers of Oak Bluffs and Vineyard Haven, and 4.5 miles from Edgartown, and is serviced by a nearby bus stop providing access to all main points on the island. There is a YMCA facility, a skate park and ice arena located adjacent to the site, and Martha’s Vineyard Regional High School is a quarter mile away.
The development includes the new construction of 12 residential buildings. Six buildings will contain three rental units each, five will contain six units each, and one will contain 12 units. The walk-up buildings will be constructed in a manner representative of the existing housing stock in the neighboring area. Also included is a community building with a property management office, maintenance area, large community room with Wi-Fi, covered bicycle storage to the rear of the building, and resident mailboxes. The plan also provides walking path connections to the Tackenash Knoll open space to the north, the adjacent YMCA building and skating arena to the west and Martha’s Vineyard Regional High School to the south.
The development is designed to Passive House standards and will be 100% electric. Photovoltaic panels installed on the roofs are projected to offset the electricity required for heating, cooling, and hot water.
There will be 12 one-bedroom apartments, 42 two-bedroom apartments, and six three-bedroom apartments. Of the new apartments, eight will be restricted to households earning up to 30% of the Area Median Income (AMI) and supported by federal Section 8 housing subsidy, eight units will be restricted to households earning up to 50% of AMI and supported by the Massachusetts Rental Voucher Program, 27 units will be restricted to households earning up to 60% of AMI, nine units will be restricted to households earning up to 80% of AMI, and eight units will be workforce housing units for households earning up to 120% of AMI.
The general contractor is Dellbrook | JKS, the architect is Union Studio, and the management agent will be The Community Builders.
