Contact:

Isaac D. Russell, Clerk

P.O. Box 1064

West Tisbury, MA   02575

T:  508.693.6737

F:  508.693.8703

E:ikerussell@comcast.net

Founded:  September 5, 2000

Mission:

Mission Statement: Bridge Housing Corp. ("Bridge") was established by HEAT (Housing Ecumenical Housing Team), a group of Island congregations, to help combat the socially destructive Island housing crisis.  Brodge seeks to encourage property owners and others to take the steps necessary to get Island families into decent housing.  If others do not, Bridge will undertake to do so, using its experience, energy, and contacts to build new affordable rental and homeownership housing units that are well designed and appropriate for their neighborhoods.

Major Programs:

LAND FOR HOUSES PROGRAM:  Bridge will pass individual lots on to qualified applicants for the price Bridge pays for the lots, with continued affordability ensured by covenants running with the land.  Gifts of land, bargain sales or long-term leases of land to Bridge result in tax deductions for the donor, lessor, or seller.

BRIDGE COMMONS:  A proposed development of 11 two-family homes (condominium) on 14.8 acres of undeveloped woodland off State Road in Vineyard Haven. The estimated total development cost is $8,500,000. The development was approved by both the Martha's Vineyard Commission and the Tisbury Zoning Board of Appeals.

Bridge is determined to set the sales prices of the homes so that 11 of them will be affordable to low and moderate income Vineyard families.  This requires that the price for these homes be set so that mortgage payments, taxes, insurance, and utilties not exceed 30% of monthly family income for families earning not more than 80% of area median income.  80% of area median income for a family of four in Dukes County this year is $62,880.  We are looking for school teachers, hospital and other health care workers, municipal employees, retail and clerical workers, and others who make up so much of Vineyard life. Another eleven homes will be offered at slightly higher prices to families with slightly higher annual incomes.

We can finance Bridge Commons without outside help if we give up on lower income families and price the homes closer to full market rates.  We do not want to do this and neither do you. Our financial model projects an income shortfall of approximately $500,000 from this mix of Vineyard families.  We really need your help in making up this gap.

501(c)(3)?  Yes

Form 990 Filed?  Yes

Basic Financial Information:  as of 12/31/07

Board Members:

Bradford K. Austin, President
Bruce Slater, Vice President
Barbara Shriber, Treasurer
Isaac D. Russell,  Clerk
Robert H. Chidsey
F. Michael Shepard
Carol E. Lashnits

Richard A. Mezger,  Executive Director