Affirmative Investments, Inc. has decided to tackle a major shortage of affordable housing on Martha’s Vineyard and has chosen Clocktower Tax Credits to help sell the Massachusetts State Low-income Housing Tax Credits generated from this project. Median home prices on Martha’s Vineyard are 54% higher than the rest of Massachusetts, with median rents coming in at 17% higher. Couple that with an aging population and an exodus of young families, and this ends up creating the massive housing shortage that the island is currently facing.
Affirmative Investments has risen to the occasion and is developing a new construction of 52 units of affordable rental housing to be known as Takenash Knoll. This new complex will have six 2-story and six 3-story buildings, along with amenities such as a community house, bicycle parking, on-site laundry, and access to open spaces for walking paths to the Southern Woodlands Conservation area.
Clocktower has partnered with principals of Affirmative Investments on prior affordable housing projects, where we were successful in securing the tax credit equity investor that helped fund the project. As a company headquartered in Massachusetts, we have deep roots here and look forward to our continued support of invaluable projects such as Tackenash Knoll being developed throughout the state.
If you have plans for affordable housing development in MA or elsewhere, give us a call and see how we can become a reliable source of generating tax credit equity investment. Reach out to our Senior Associate, Dave Auster at (978) 793-6600, or by email DAuster@ClocktowerTC.com.