Housing bank proposal has been revised and revised again.
Tim Johnson

Housing Bank Proposal Heads to Town Meetings

A proposal to create a Martha’s Vineyard housing bank appears to be headed to voters in the spring after the Edgartown and West Tisbury select boards agreed this week to put a revised version of the article on their annual town meeting warrants.

A proposal to create a Martha’s Vineyard housing bank appears to be headed to voters in the spring after the Edgartown and West Tisbury select boards agreed this week to put a revised version of the article on their annual town meeting warrants.

The draft article has been rewritten more than once to address concerns raised by town officials and still needs action by the Oak Bluffs select board, which is due to decide next week whether to place it on its warrant.

After weeks of wrangling over details, select board members in Edgartown and West Tisbury credited the Coalition to Create the MV Housing Bank for making needed changes to its draft.

The housing bank proposal is modeled on the Martha’s Vineyard Land Bank and aimed at creating more affordable housing on the Island by imposing a two per cent transfer fee on certain real estate transactions. The newest version strengthens town advisory boards’ oversight, stiffens environmental requirements, allows towns to withdraw from the bank at any time by ballot vote and places limitations on debt service, among other things.

“I think that you guys have done a great job taking what all the towns have said and putting this together,” said Edgartown selectman Arthur Smadbeck, one of two members of the board who voted to advance the proposal Tuesday. “We have to vote on this today because today is the day to get it on town meeting. And I think it’s going to be worthwhile to get this out in front of the voters.”

“I want to . . . commend you all on a great process,” said West Tisbury select board member Cynthia Mitchell, who voted with chairman Skipper Manter on Wednesday to place the proposal on the warrant. The board has only two members since the death in October of Kent Healy.

But support was not unanimous. In voting against the article, Edgartown board member Margaret Serpa noted that her town would be collecting the lion’s share of the funding for the bank. Ms. Serpa pointed to Nantucket, which has already approved its own housing bank proposal, calling for a 0.5 per cent fee.

“Edgartown money . . . is going to be a huge chunk of what they’re asking, which bothers me,” Ms. Serpa said. “This is a huge per cent that they’re asking for. Two per cent, Nantucket is one town, and theirs is 0.5 per cent. Huge difference and I think we can do better in town with our money, as we’ve been doing.”

In the revised draft, towns have the option of making a vote on the town meeting floor contingent on a second vote in the ballot box before the proposal is sent to Beacon Hill, where it must be approved by the state legislature.

If the legislation is eventually passed in Boston, a final vote in the ballot box would be required at town elections, with approval needed by at least four of the six towns, according to the draft.

The revised draft also stipulates that town advisory boards must approve all projects in their towns, that elected commissioners can be paid a stipend of up to $2,000 unless and that debt service on bonds issued by the housing bank cannot exceed 10 percent of its average annual revenue.

The article’s language has been altered so much that John Abrams, a member of Coalition to Create the MV Housing Bank, said it will be taken back to Aquinnah, Tisbury and Chilmark — which have already committed to bringing the housing bank before voters — so their select boards can approve the updated version.

“We feel like we have an article that is certainly not diminished; it feels like it’s improved,” Mr. Abrams said.

In West Tisbury, select board chairman Skipper Manter applauded the changes, but questioned what would happen in the case of potential amendments to the article on the town meeting floor.

“We’re assuming that amendments may come up,” Mr. Abrams said, noting that the article needs to have consistent language for all the towns in order for the housing bank legislation to proceed in Boston.

“We’ve got six towns and what we need to send to the legislature is one thing,” he said.

“So we’re going to be very aware of how those amendments affect [it] and we will speak to that if amendments come up at town meeting that are going to take it out of the realm of [consensus],” Mr. Abrams said.

Mr. Manter also called for a five-year “cooling-off period” before members of the housing bank steering committee could be employed by the housing bank, and expressed displeasure that residents of a town that votes against the article might be able to benefit from the housing bank nonetheless.

“It rubs me the wrong way,” he said. “If you’re going to play the game, you have to be on the team.”

In voting to advance the proposal, Edgartown selectman Michael Donaroma noted there were still things to iron out in the draft.

“I think it’s time for the people to get involved, to hear all of this at town meeting. We’ve come a long way. I still have some concerns, I think the [select] board does,” he said. “There’s still work to go. I hope we can continue working on this.”

Comments

Submitted by Anonymous (not verified) on Thu, 01/06/2022 - 19:55

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Mike Somewhere

The State should be funding the Affordable Housing efforts here and on Nantucket. The State provides affordable housing elsewhere all over the State. Why should it be any different here. It should not be the responsibility of the local residents to provide affordable housing. This is part of what we pay State taxes for and part of what our taxes are being used for.
But if this going to be voted on ( I am hoping it does not get approved) please change a few more things.
The .05% is at least more reasonable with a 2m min to qualify. A 1M kick in price will almost assure all sales will be taxed as the everage house price is at or over 1M now. Is this the intention?
Also - there needs to be a shorter sunset clause, the 30 years should be shortened to 10. If there is anymore land available and densification needed after 10 years- then, the terms could be renewed and voted on then. 30 years is a long time.

Submitted by Anonymous (not verified) on Fri, 01/07/2022 - 10:01

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Bob Edgartown

If the housing bank as stated is concerned about any changes on Town meetings floor they should make those changes now. First no one I have spoken to think that there should be a stipend for members of the board. No one I’ve talked to thinks it should go on for 30 years. Everyone I’ve talked to think that 2% tax is excessive. These changes will happen in town meeting floor better so it is better to get ahead of them. Of course that may be their strategy to have a little side show so some will feel they are making changes but in the end it ultimately passes. Vote no on new taxes.

Submitted by Anonymous (not verified) on Fri, 01/07/2022 - 11:47

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Lorraine Edgartown

I am totally against this money grab. We do not need to provide anyone anything "affordable". Other areas of the country are having the same problems. If there are amongst us people who wish to provide housing, such as this, let them start fundraising. People who do not wish to pay into this system, should not have to do it. It is a tax against property owners, buy/sell taxes on real property. I realize this is not ad valorem annual taxes. Calling it a "fee" is lipstick on a pig. It is a tax. My philanthropy is for me to decide with my funds, not someone else to make that decision for me. That is what this is, some people trying to decide my philanthropic actions for me. I am totally and irrevocably against this tax.

Submitted by Anonymous (not verified) on Fri, 01/07/2022 - 13:28

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Lyn

Help me understand how the solution for affordable housing, is to increase the housing costs (by 2%) for everyone. That seems to be the doing the opposite and in fact makes the housing costs even less affordable.

Submitted by Anonymous (not verified) on Fri, 01/07/2022 - 21:17

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Islander MV

As a homeowner, someone with a nest egg retirement, and a working person, I fully support this. I keep seeing comments on other articles that never seem to want to give back to the community. Martha’s Vineyard gives to us all, and if I can afford as a working person to give back and invest in the future of the island for the younger generations and those today looking to stabilize here, I see that as necessary and a privilege. It’s clear that “we” - those who are looking to the future, and with nest egg retirements, and mortgages to pay who are still thinking of our community, are up against and have been up against powerful forces. When I see those other comments, I don’t have to ask myself how we got to where we are in America. I see, as someone in my 40s, the long work ahead to fix what is broken.

Bob Edgartown

One of the comments that you see is talking about forced philanthropy. You are free right now today to start giving your time energy and money to any philanthropic group you like. One thing that has not been mentioned is what will be the next feel good well intentioned issue that we need revenue for. Let’s think of something else we can tax for that revenue stream. They started a tax on the steamship Authority tickets that we all pay and now forget about. These are all money grabs and enough is enough.

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