Island Housing Trust Corporation

Building Homes & Preserving Community

West Tisbury, MA   |  www.ihtmv.org

Mission

The Island Housing Trust supports a diverse and vital community on the island of Martha's Vineyard by creating and sustaining permanently affordable rental and ownership housing serving low and moderate income residents.

Ruling year info

2002

Executive Director

Mr Philippe Jordi

Main address

PO Box 779

West Tisbury, MA 02575 USA

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Formerly known as

Island Affordable Housing Development Corporation

EIN

02-0549245

NTEE code info

Housing Development, Construction, Management (L20)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

The Island of Martha's Vineyard faces a severe shortage of available year-round housing for rental and homeownership opportunities in all income brackets. This is especially true for those earning in the low and moderate-income brackets. The island faces a severe shortage of available year-round housing for rental and home ownership opportunities in all income brackets. This is especially true for those earning in the low and moderate-income brackets. Despite significant work in the 6 island towns to create a total of 841 homes (411 affordable and 329 workforce) over the past 25 years, this only represents 9% of the island’s year-round housing stock. The six island towns’ Housing Production Plans have estimated that the Island needs a total of 1,147 additional homes over the next 20 years (907 affordable and 241 workforce) to meet the goal of 20% of the island’s year-round housing stock in order to address the current and projected demand.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Non-profit Developer

The Island Housing Trust develops ownership and rental housing cost effectively and efficiently while strengthening the island of Martha's Vineyard's economy by creating more local jobs.

Population(s) Served
Economically disadvantaged people
Families

The Island Housing Trust ensures permanent affordability from one homeowner to the next and ongoing support for as long as they own their home.

Population(s) Served
Economically disadvantaged people
Families

The Island Housing Trust provides professional housing development and stewardship services to local governments and other community organizations.

Population(s) Served
Economically disadvantaged people
Families

Where we work

Awards

LEED for Homes Platinium Certificate 2010

U.S. Green Building Council

Kuehn Community Preservation Award 2014

Massachusetts Community Preservation Coalition

Affiliations & memberships

Citizens’ Housing and Planning Association 2005

Mass Association of Community Development Corporations (MACDC) 2013

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of housing units built

This metric is no longer tracked.
Totals By Year
Population(s) Served

Work status and occupations, Social and economic status

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

The Island Housing Trust (IHT) is a certified Community Development Corporation and Community Land Trust, who acquires and develops suitable properties for both ownership and rental housing by obtaining resources to build or rehabilitate the properties. IHT oversees the development process through completion of construction, and continues to own and ground lease the land with restrictions in the case of ownership housing and own and manage in the case of rental housing. The IHT utilizes a nationally recognized ground lease model with restrictions to keep homes permanently affordable. Ongoing support and stewardship services are offered to our homeowners and tenants. This hands-on approach helps safeguard against the threat of foreclosure and alerts IHT to possible financial difficulties.

Our Vision 2020 goal is to create 100 new homes by the end of 2020 to serve 300 working Islanders and their families. We are currently engaged in a Vision 2025 strategic planning process in order to continue to build on our exponential growth in the last four years.

The IHT utilizes a nationally recognized ground lease model with restrictions to keep homes permanently affordable. Ongoing support and stewardship services are offered to our homeowners and tenants. This hands-on approach helps safeguard against the threat of foreclosure and alerts IHT to possible financial difficulties.

IHT’s leveraged fundraising strategy successfully matches private donations with town and state grants in the form of soft debt.

IHT’s Make It Happen Fund is a low interest, short-term revolving line of credit totaling $1.85 million available from seven foundations and private individuals. The fund is used for property acquisition. Martha’s Vineyard Future Financing, a social impact investment fund launched in 2019, utilized a $1.8 million low-cost participation loan involving 5 private investors and MassHousing, serviced by the Martha’s Vineyard Bank, to pay-off six Make It Happen Fund investors to provide low-cost permanent financing for the Hanover House rental property.

We continue to partner with town governments to secure available land and Community Preservation Act grant funding, and explore new partnerships with private businesses and real estate developers, as well as non-profit organizations that have available land and/or financial resources for housing development.

IHT has a strong track record of leveraging municipal and state grant funding with private donations. IHT’s leveraged fundraising strategy has successfully raised a total of $2.6 million by matching town grants, private donations, and state grants in the form of soft debt in 2019. Building on two capital fundraising campaigns and the launching of a third in 2019, the Leadership Circle has grown to 23 members each pledging $100,000 or more over four years that has raised a total of $4 million in project funding.

As well, a successful partnership between public and private investors through IHT's Martha's Vineyard Future Financing, a social impact investment vehicle, included 7 foundations and individuals and MassHousing committing a total of $1.85 million in permanent financing, serviced by the Martha’s Vineyard Bank, for the Hanover House rental property that serves low to moderate health care workers at Martha's Vineyard Hospital.

Our capacity has increased as a result of securing a sixth consecutive year of Community Investment Tax Credits from the Massachusetts Department of Revenue. Those credits raised $360,000 in donations from 62 donors in 2019. In addition, our annual summer benefit brunch event raised $306,168 in working capital from 164 guests in 2019.

We also have a strong relationship with the Dukes County Regional Housing Authority (DCRHA), a state-chartered housing authority, which manages IHT’s 26 rental units under contract on 5 scattered site properties serving very low, low and moderate-income households. The DCRHA performs accounting functions for the property portfolio and provides wait list management, income qualification, and rent-up services in compliance with rental restrictions.

During 2019, we completed the repurposing or adaptive reuse of the Hanover House Inn at 28 Edgartown Road in Vineyard Haven into a 12-bedroom/bathroom shared housing or single room occupancy in the main house and 3 apartments in the accessory carriage house that ware leased to the Martha’s Vineyard Hospital for their low and moderate income employees. In addition, our development efforts have added 55 new housing units to our development pipeline that are in the planning, permitting or construction stages. Total net assets increased by 8% or $1,260,452 from $14,349,568 in 2018 to $15,610,022 in 2019. Construction began in 2019 and is scheduled to be completed in Fall 2020 for the renovation of an 8-bedroom inn called the Perlman House in Vineyard Haven into 7 rental apartments, the construction of 6 ownership townhouses within 3-duplexes on Greenwood Avenue in Vineyard Haven, and the repurposing of an existing house and guest house into three ownership homes on Daggett Avenue in Vineyard Haven.

Our future outlook is positive, given the momentum behind our Vision 2020, our growing housing production pipeline of over 30 units that are in predevelopment another 100 more likely prospects, the health of our rental property portfolio, and new initiatives and partnerships on the horizon.

Financials

Island Housing Trust Corporation
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Compare nonprofit financials to similar organizations

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Island Housing Trust Corporation

Board of directors
as of 4/28/2021
SOURCE: Self-reported by organization
Board co-chair

Mr Doug Ruskin


Board co-chair

Mr Delos Lander

Rockland Trust

Term: 2019 - 2020

Richard Leonard

Wendy Swolinzky

Bob Green

Dan Seidman

Juli Vanderhoop

Delos Lander

Debra Cedeno

Peter Freeman

Doug Ruskin

Pamela Craven

Trey Rasmussen

Victoria Haeselbarth

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes

Organizational demographics

SOURCE: Self-reported; last updated 04/27/2021

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
White/Caucasian/European
Gender identity
Male, Not transgender (cisgender)
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

No data

 

No data

Sexual orientation

No data

Disability

No data