CAPE COD, MA — The largest housing development ever on Martha’s Vineyard, and one of the largest in the Cape and islands region, has received necessary permits to move forward.
The 116-unit project, in the island town of Oak Bluffs, would include a mix of two and three-family homes, the Boston Business Journal reported.
Most would be deemed “affordable,” at least by the state, in a town where the median price for a single-family home is $1.2 million.
The Green Villa project is possible because of the Massachusetts “40B” law that lets developers build more densely than usual if a certain share of units are set aside as affordable.
All but 12 of the development’s 116 units will have deed restrictions for affordability, based on household incomes. Another 30 units will be available for purchase by island businesses for use by their employees.
In addition, all of the units will be restricted in sale to year-round residents who must make them their primary homes.
To read the BBJ article, click here.
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