Housing Bank Legislation Open for Review at Public Forum in Tisbury
Senior Center

By BRIEN HEFLER

The Martha's Vineyard Community Housing Bank Coalition will
hold a public forum to discuss and review draft legislation for the
proposed Martha's Vineyard Housing Bank tonight at the Tisbury
senior center from 5 to 6:30 p.m.

Copies of the ten-page draft bill will be distributed to the
audience at the forum, offering the public a glimpse of the bill before
it heads to Beacon Hill. A four-member panel will answer questions,
including Cape and Islands Sen. Robert O'Leary, Rep. Eric T.
Turkington, Island Affordable Housing Fund chairman John Abrams, and
Martha's Vineyard Cooperative Bank president Richard Leonard.

Approved in a nonbinding ballot initiative by voters in all six
Island towns last spring, the housing bank is envisioned as a way to
generate revenue for affordable housing projects through a one per cent
seller-paid transfer fee on all real estate transactions over $750,000.
The concept is modeled after the Martha's Vineyard Land Bank.

Abbe Burt, administrator for the Martha's Vineyard Community
Housing Bank Coalition, said the housing bank could raise an additional
$2.3 million in affordable housing funds each year. That money would be
paired with money earned through the Community Preservation Act, a
property tax surcharge also now adopted by every Vineyard town.

"We have been working on a two-pronged effort since last
September to get permanent public funding for affordable housing on the
Vineyard and this is the second prong," Ms. Burt said. "We
have a goal of $5 million a year and the Community Preservation Act will
only provide about $2 million. This is the second half of it."

The draft housing bank legislation was distributed to selectmen and
other boards in all Island towns last winter. The forum tonight is
intended to allow more discussion before the bill is filed.

"We knew all along that people would want to actually see it
in writing in case anyone had additional questions," Ms. Burt
said.

The bill is expected to face an uphill battle at the State House.
Ms. Burt said the bill could take up to a year to work its way through
the legislative process. If it is approved by legislature, it will
return to the Island voters for final approval.

Copies of the housing bank legislation will be distributed at the
meeting and are also available at selectmen's offices in each town
or on the Martha's Vineyard Community Housing Bank Coalition
Website, www.mvchb.org.