Grant guidelinesIntroduction The primary role of the Island Affordable Housing Fund (IAHF) is to provide grants to organizations, towns, activists, developers, builders or anyone else with a proposal which creates affordable year round housing opportunities and satisfies IAHF funding criteria.

IAHF is not a developer, but rather a catalyst and facilitator. IAHF provides funding to help projects proceed; in some cases IAHF provides advice, technical assistance, and monitoring services.Funding Criteria IAHF's grants are designed to diminish or erase the affordability gap between what it costs to create housing and what year round residents can afford to pay for housing. IAHF's Board of Directors will consider two categories of grants: 1) Project Grants. The proposal must address year round affordable housing for the Vineyard. Examples are: a) rental conversions of seasonal homes to year round use b) l rehab of homes in exchange for an owner's affordable rental agreement c) existing house moves d) special financing targeted to homebuyers e) development of new affordable housing for rental or ownership f) existing land and building acquisitions for affordable housing.
2) Educational or Advocacy Grants. The proposal must address educational or advocacy issues which will further the cause of Vineyard affordable housing. Examples are zoning initiatives, housing feasibility studies, developing funding mechanisms, modifying or developing government programs, affordable housing design exercises, and educational workshops. In making its decision, IAHF will consider the following aspects of each proposal:

a) long term affordability;
b) needs served and income levels targeted (mixed income projects are preferred);
c) mechanisms to ensure project will primarily benefit long term current residents and essential employees as defined by the towns;
d) use of existing housing stock;
e) quality, scale, visual impact, traffic and transportation impacts; high performance and green aspects
f) leveraging of additional funds;
g) sensitivity to open space, land conservation, and environmental issues;
h) creativity and usefulness as a model for other projects;
i) completeness of proposal and thoroughness of planning;
j) likelihood of success.

Application, Decision Making and Notification Applications may be submitted to IAHF at any time and will be reviewed at the next scheduled board meeting. All applicants are encouraged to contact our Executive Director, Susan Spence, before submitting an application. She will answer your questions and provide information on upcoming board meetings. To apply for IAHF funding an organization or individual must submit the following:

* COVER LETTER (not to exceed one page) summarizing the project, time frame for completion, impact, and amount requested

* PROPOSAL (not to exceed five pages), which provides detailed information on need; plan; anticipated outcomes and challenges; primary staff; budget, other funding sought (indicate if accepted or rejected). When applicable please include information on regulatory status, pro-forma budgets, feasibility studies, financing status.

When IAHF receives a completed proposal it will conduct initial consideration at its next scheduled board meeting. If a request is approved one of the following will occur:

* Requested amount or lesser amount will be granted;

* A commitment will be made to raise a specific amount within a specified time period. Grant will be made if fundraising is successful.

* Conditional approval will be made. Grant will be awarded if specified actions occur.

Commitment letters or requests for additional information will be sent within two weeks of a board meeting at which the proposal is considered. IAHF Affiliates Consistent with IAHF Articles of Organization and By-Laws, affiliates of IAHF are welcome to apply for grants. When such proposals are considered, applicants are encouraged to participate in discussions but will not be present when the Board votes on the application.

The Board recognizes that the mission of IAHF is to encourage a wide range of participation by individuals and organizations to address island affordable housing needs. To this end, grants in the case of competing proposals of equal merit will generally be awarded to non-affiliates.