Martha's
Vineyard
Donors
Collaborative

Island Affordable Housing Fund

(Island Affordable)

Contact:

T. Ewell Hopkins, Executive Director
P.O. Box 4769

Vineyard Haven, MA 02568

T:508.696.0943
F: 508.693.5710
E: ehopkins@islandaffordable.org

www.islandaffordable.org


Founded: July 24, 2000


Mission:

The Island Affordable Housing Fund raises money from a broad cross-section of donors - individuals, businesses, and foundations - to provide grants and technical assistance to organizations working to increase the supply of year-round affordable housing on Martha's Vineyard. Its plan springs from fundamental principles: a) use existing buildings as much as possible; b) create many small-scale, scattered site opportunities rather than a few large-scale projects; c) respect environmental and neighborhood concerns; d) promote long-term affordability through deed restrictions and land trusts; and e) serve long-term residents first.

Major Programs:

Rental programs:
Rental Conversion: Subsidizes homeowners to rent their properties year-round rather than seasonally.

New Rental Clusters: Supports the design and construction of small rental clusters.

Rental Rehab: Provides no interest loans to homeowners who rehabilitate for guaranteed year-round rental housing.

Homeownership Programs:

Subsidized Homeownership: Subsidizes the development of new housing units for ownership.

Loan Program: Local banks provide below-market rate mortgages; IAHF provides closing costs for first-time homebuyers.

Aptartment Conversion: Purchases buildings for multiple rental units.

House Moves: Facilitates the relocation of houses slated for demolition and rehabilitates them for turnkey occupation.

Land Acquisition: Acquires property for future housing.

 

501(c)(3) : Yes
Form 990 Filed:
Yes


Basic Financial Information:
as of 12/31/02


Total Income $903,858             Total Expenses $712,634


Total Assets  $1,194,562            Total Liabilities $2,029

 

Board Members:

Candy daRosa, Co-President
Bob Wheeler, Co-President
John Abrams
John Early
Leo Frame
Norman Hall
Jeremy Henderson
Kenn Karakul
Kim Angell