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**Affordable Rentals Break Ground on Martha’s Vineyard**
Construction has officially begun on Tackenash Knoll, a new housing development in Oak Bluffs on Martha’s Vineyard that will deliver 60 affordable and workforce rental homes. The project is a joint effort between Island Housing Trust (IHT) and Affirmative Investments, Inc.
Tackenash Knoll is being funded through a combination of public and private investments. MassHousing is providing approximately $11 million in permanent and workforce housing financing. An additional $27.3 million comes from federal and state Low-Income Housing Tax Credits allocated by the Executive Office of Housing and Livable Communities (EOHLC). EOHLC is also contributing $6 million in direct support. Island Housing Trust is investing $3.6 million, with the Town of Oak Bluffs adding another $750,000.
Stratford Capital Group, LLC, is serving as the tax credit investor and syndicator for the project, while Rockland Trust Company is providing construction financing.
“Tackenash Knoll represents the largest neighborhood of year-round affordable and workforce housing on Martha’s Vineyard and comes at a time when over 1,000 working island residents and their families face housing insecurity,” said Philippe Jordi, CEO of Island Housing Trust.
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