The Massachusetts Housing Finance Company (MassHousing) announced this week that it has closed on $1.12 million in affordable housing financing for the Island Housing Trust's recently-completed Perlman House, mixed-income and workforce housing development on Edgartown Road in Vineyard Haven. 

Formerly the Clark House bed and breakfast, the Perlman House now contains seven new affordable apartments for working households in Tisbury: four studio apartments, two one-bedroom apartments and one two-bedroom apartment. The housing trust documented the redevelopment process in a video:

Two of the studio units will be restricted to households earning at or below 60 percent of the Area Median Income (AMI) and the remaining five units will be for households earning up to 80 percent of AMI. The AMI for Martha’s Vineyard is $104,800.

“This project represents smart growth and an amazing opportunity to showcase what can be done when people work together with the shared common goal of ending housing insecurity on our island,” housing trust founding director Philippe Jordi said in a statement.

MassHousing provided a $620,000 permanent loan and $500,000 in workforce housing funding, according to the announcement.