Housing Committee (by town) • Affordable Housing Committees are appointed by Select Boards to help create affordable housing opportunities within their town.

Affordable Housing Trust • a locally established public entity that aims to support and create affordable housing opportunities within a community. These trusts are typically funded through various means, such as municipal appropriations, grants, and other revenue sources. They work to develop, preserve, and manage affordable housing units and assist in funding housing-related programs and initiatives catering to low and moderate-income residents' burdens.

(AMI) Area Median Income • The number representing the middle-income level (an equal number above and an equal number below) of residents on Martha’s Vineyard.

Attainable Housing • Housing within the financial reach of a specific income group or demographic. It's a broader term that includes housing that is both affordable and available to individuals and families based on their income levels, ensuring that they can realistically attain suitable housing without excessive financial burden.

Bond/Bonding • A municipal bond is a kind of loan: a debt security issued by a governmental body to finance its capital expenditures, including the construction of highways, bridges, or schools. Bonds are usually repaid with interest over a period of 10 or 20 years. In this instance, the HB would borrow money against future income (the transfer fee) to finance renovation, remodeling, new construction, etc.

CHAPA (Citizen’s Housing & Planning Association)• https://www.chapa.org/

CPA (Community Preservation Act) • The CPA enables Massachusetts communities to levy a surcharge on property tax bills to raise funds to preserve and expand their open space, historic, recreational, and affordable housing assets. All six island towns collect and disburse these funds.

CPC (Community Preservation Committee) • the town body that reviews and recommends proposed uses of CPA funds, and when accepted by the CC, presents to Town Meeting, which must vote to approve the recommended use. The CPC is then responsible for administering the approved funds.

Coalition Administrator • Noah Lipnick is CCMVHB’s paid Administrator. He sets up meetings and writes updates, action items, and templates. He coordinates with all committee chairs and conducts outreach and communication to the coalition members and the community.

Coalition Council • Members of the public who have volunteered to actively support CCMVHB’s process and attend periodic meetings to provide feedback and guidance on our direction. Includes designated representatives and liaisons from Island organizations, nonprofits, and governments. Meets as needed when there is activity regarding the Housing Bank and related legislation.

Coalition Steering Committee • 19 members of the Coalition Council who have volunteered to serve on a smaller committee to “steer” the direction of our campaign to create a housing bank. Meets bi-weekly, sometimes more often.

Coalition Executive Committee • Six members of the steering committee plus the Coalition Administrator who have volunteered to serve on a smaller committee to direct our administrator’s work, monitor current legislative activity, recommend actions to be taken, plan Steering Committee meetings, and perform additional executive functions for the Coalition. Meets weekly.

DCRHA (Dukes County Regional Housing Authority) • The DCRHA assists each of the towns by monitoring affordability restrictions and performing housing lotteries when new opportunities arise. It manages rental properties on a contract basis for others but generally does not develop new ones. DCRHA has endorsed CCMVHB.

Enabling Legislation • laws passed by a governing body, such as the Massachusetts State Legislature, that delegate powers or create frameworks for further regulations or actions by other entities, like administrative agencies or local governments. Enabling legislation could provide the authority and guidelines for specific agencies or bodies to develop rules, regulations, or programs within the scope defined by the original law.

Exemption • That portion of a real estate transaction that is not subject to the transfer fee ($1,000,000 in MV's proposal)

Housing Bond Bill• Legislation that authorizes the government to issue bonds to finance various housing-related initiatives and programs. These bills allocate funds for affordable housing development, maintenance, and other housing-related projects by securing money through the issuance of bonds. The bill outlines how these funds will be utilized and the criteria for their allocation.

IHT (Island Housing Trust) • The Island Housing Trust is a private, non-profit organization that creates and sustains permanently affordable housing, both rental and ownership. IHT has endorsed CCMVHB.

Local Option• Laws or programs (like our transfer fee - defined below) that are optional for localities to adopt.

LOHA (Local Option for Housing Affordability Coalition) • A statewide coalition of Massachusetts cities, towns, housing advocacy groups, public health groups, and state/municipal agencies working to legally establish the right of cities, towns, and regions to adopt transfer fees to fund affordable housing. https://www.realestatetransferfee.org/

MARPA (Mass Association of Regional Planning Associations) • https://massmarpa.org/

Median Home Price • The number representing the middle price point (an equal number above and an equal number below) of recent sales on Martha’s Vineyard.

MV Land Bank • The Martha's Vineyard Land Bank is a conservation entity charged with acquiring, holding, and managing a diversity of open space resources for the use and enjoyment of the general public. To accomplish this task, the Martha's Vineyard Land Bank imposes a 2% real estate transfer fee, levied against the purchase price on most real estate transfers on Martha's Vineyard Island. The MV Land Bank has assisted in providing affordable housing opportunities (in advance of some of its purchases), endorsed CCMVHB, and volunteered to collect the Housing Bank fees.

Regional • The definition of regional is something related to, taking place in, or characteristic of a given geographic location. When we refer to “regional,” we mean all six towns on Martha's Vineyard. (Note: the Governor’s Housing Bond Bill has a slightly different definition. CCMVHB will be working to reconcile the differences).

SAE (Shared Appreciation Equity Loan) • A loan to a purchaser of a home to help make it affordable in which a percentage of any appreciation (i.e., increase in a property’s value) is shared with the lender. These loans may be designated to be repayable if/when the borrower sells the property.

Select Board• The Select Board (formerly the Board of Selectmen) is commonly the executive arm of the government of smaller New England towns in the United States. On MV, each town has its own separate and distinct Select Board. There is a select board member from most towns on the CCMVHB Coalition Council.

Smart Growth• Smart Growth principles and practices aim to curb sprawl and protect the environment by concentrating development in town centers and walkable locations near services.

Sunset Clause• A provision of a law that automatically terminates the law after a fixed period unless it is extended as defined in the clause.

Town Meeting• Effectively the final authority of the town at which budget approval, other expenditures, zoning, and policy change, among other decisions, are made. Town Meeting must be held annually, but additional “Special” Town Meetings may be called.

Transfer Fee (in general) a mechanism used by municipalities to generate revenue from real estate transactions. The funds collected from these fees can be dedicated to specific purposes such as affordable housing, infrastructure development, or other community development initiatives. The fee percentage and regulations surrounding its implementation are decided at the local level, granting municipalities the authority to determine the fee's application within their jurisdiction.

Transfer Fee (as proposed by CCMVHB) • The transfer fee is proposed as a 2% fee on all transaction dollars above one million dollars.

How it works: If you bought a house for 950K, you would pay no transfer fee because it is less than a million dollars. If you bought a house for $1,500,000, you would pay a 2% fee only on the amount over one million dollars - $500,000. The fee would be calculated like this: $1,500,000 minus $1,000,000 (exempt)= $500,000.00 X 2% = $10,000 to be paid.

Transfer Fee Legislation• Proposed Massachusetts state legislation that will allow the municipalities and regions in the Commonwealth to establish and collect a transfer fee to fund affordable and attainable housing. These funds may only be used for purposes related to housing.

Warrant Article• an item on a Town Meeting Warrant, representing an "agenda item" for Town Meeting. The Warrant notifies the voters of the nature of the business that is being proposed. It is the agenda item that the meeting votes to adopt or reject as its action.

Workforce Housing• Housing designed to accommodate individuals or families within certain income brackets who are part of the essential workforce in a particular area. These might include teachers, police officers, firefighters, nurses, and others who serve the community but might struggle to afford housing because housing costs are higher than their income levels. Workforce housing programs aim to provide homes at prices or rents that are affordable to this essential workforce.

40B• a state statute that enables developers to bypass zoning provisions (except health and safety regulations) if at least 25% of the units have permanent affordability restrictions, which limit sales and/or rentals to households at or below 80% AMI. https://www.mass.gov/chapter-40-b-planning-andinformation