PLATINUM2023

Island Housing Trust Corporation

Building Homes and 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

P.O. Box 779

West Tisbury, MA 02575 USA

Show more contact info

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 2025 goal is to create 150 new homes by the end of 2025 to serve 500 working Islanders and their families.

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. The IHT will finance the implementation of its activities through diversified revenue sources. Our goal is to fundraise and finance $12 million annually for working capital and projects through grants and social impact investing from local and state agencies, Low Income Housing Tax Credits, private and public investors, ground lease fees, developer fees and overhead, and donations raised from Community Investment Tax Credits (CITC). Over the past sixteen years, we have successfully raised over $32.8 million of working and project capital to develop and provide on-going stewardship and property management for 136 homes and rentals. Sources include $6.3 million in permanent financing, $17 million in public grants, and $9.5 million in private donations. IHT is a proud participant in the state’s CITC program, having raised $3,180,000 over our nine years of being awarded a combined total of $1,590,00 in CITC from 2014 through 2022.

In calendar year 2022 through Oct 31, we have successfully raised $1,130,126 in working capital to support our organizational operating budget of $1,415,167. Revenue sources include donations and pledges of $1,090,076, administrative fees of $4,500, and ground lease fees of $34,500. In addition, $11.2 million in project funding and financing was raised to complete the construction of 20 rentals in Vineyard Haven (Kuehn’s Way) and the construction of 2 rentals in West Tisbury through a combination of local municipal CPA and state grants and private donations. Our fundraising plan involves a year-round approach to cultivating and engaging a network of donors and potential donors through fundraising events, one-on-one meetings, ground breakings, house openings, annual report, quarterly updates, and annual appeals. .

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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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

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Island Housing Trust Corporation

Board of directors
as of 07/27/2023
SOURCE: Self-reported by organization
Board co-chair

Mrs. Pam Craven


Board co-chair

Ms Victoria Haeselbarth

Richard Leonard

Bob Green

Delos Lander

Peter Freeman

Doug Ruskin

Pamela Craven

Victoria Haeselbarth

Norman Werthwein

Wendy Wolf

Jefrey DuBard

John Schaefer

James Hanrahan

Bob Egerton

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 7/21/2023

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

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

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 07/21/2023

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Policies and processes
  • We use a vetting process to identify vendors and partners that share our commitment to race equity.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.