We aim to establish an Island-wide Housing Bank modeled on the MV Land Bank, with Housing Bank proceeds directly addressing the housing crisis. 

If the island had a Housing Bank producing $12 million per year (estimated from recent real estate transactions) and with at least 75% used for re-purposing existing properties, it could do the following in just one year:   

• Re-purposing & Improving

  •      Convert two existing houses into eight income-restricted rental apartments.

  •      Fill the funding gap for ten income-restricted accessory apartments to existing dwellings.

  •      Loan eight families $200,000 of down payment assistance to access market-rate homes.

  •      Buy six permanent year-round restrictions on existing short-term rental properties.

  •      Grant or loan funds for ten denitrification wastewater upgrades in critical watershed areas

• New Development

  •      Fill the funding gap for six income-restricted net-zero housing units.

Thirty-eight new housing opportunities and an enhanced environment. Solutions - year after year.  (Housing Planners forecast a need for over 1,000 new units over 20 years.)