We are losing our community members and our young people due to lack of affordable housing.
To raise $5 million annually for affordable housing through two public funding mechanisms that will provide a dedicated source of local funds.


Adopt 3% surcharge on real estate tax bill

  • State matches 100% of Town funds collected.
  • Exempt: first $100,000 of assessment and low-income households
  • Commit 75% of CPA funds for housing
  • Estimated housing yield:
    $2.3 million annually


Enact a 1% transfer fee on real estate sales of $750,000 and up

  • Assess new transfer fee to the Seller
  • Fee collection administered by the MV Land Bank
  • Estimated yield:
    $2.3 million annually
The HB and CPA act as funding agencies only and will not acquire, develop, own, or manage housing itself. Funding proposals are accepted from the Towns, non-profit or for-profit housing developers, or existing housing providers. A primary goal is that funding will be used to ensure long-term affordability and respect special Vineyard habitats and rural character.
Each Town controls their own CPA funds. 75% of these funds will be spent for housing. Remaining funds will be spent for historic preservation, open space, recreation, and committee administration. Only Town Meeting may approve or disapprove CPA expenditures.
CPA committees may have up to nine members and include, but are not limited to, a member from the following town boards: the Conservation Commission, Historical Commission, Planning Board, Park & Recreation, Board of Selectmen, the representative to the Regional Housing Authority, and a Housing Committee member.

The structure and administration of the HB will be modeled after the MV Land Bank.

  • Central Committee – Seven Members with one member elected to represent each Island Town and one State representative.
  • Town Advisory Boards: Each town’s Community Preservation Act Committee will act as the advisory board to the Housing Bank.
  • All expenditures in each town must be approved by that town’s advisory committee.

Examples of how both CPA and HB funds might be spent would include, but not be limited to

  • Rehabilitation of Existing Homes & Apartments
  • Purchasing Land
  • Building New Homes
  • Move Existing Homes
  • Create Employee Housing
  • Planning & Development Costs
  • Rental Stabilization Program
  • Down Payment Assistance

Housing funded through CPA and HB would serve year-round Vineyard residents earning up to 150% of median income.

In Spring 2005:

  • Vote YES to adopt CPA by town ballot
  • Vote YES on resolution to establish a Housing Bank at Town Meeting
  • Vote YES on resolution to establish a Housing Bank by town ballot

All 6 Island towns must adopt the CPA before the Housing Bank resolution can be sent to the State Legislature for approval — followed by town ballot vote to adopt.
   


[ click totals for more info ]

Allocated CPA $2,268.297
Housing Bank $2,332,444
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Total: $4,600,741