CHILMARK – The Town of Chilmark on Martha’s Vineyard has kicked off its “Lease to Locals” pilot program, the first on the island offering funding to subsidize full-time rentals.
The town will provide a one-time incentive of up to $12,000 to property owners who convert their housing units from short-term rentals or from sitting mostly vacant, into a year-round rental.
The Lease to Locals program was developed by Placemate, Inc., which has helped other vacation communities by creating model plans on how to incentivize housing for year-round residents.
The pilot program is funded through Chilmark’s Municipal Housing Trust, by allocating the 2% increase in the room excise tax that was voted at Annual Town Meeting.
Housing Committee Administrator Alison Kisselgof said Placemate came to the community and discussed with the public on how to make a custom model for the town.
“We thought this could be an island-wide program. We could be the trailblazers of trying to get this program started and see if it works here. And then we do expect that the other towns might pick it up,” said Kisselgof.
Interested residents can learn more on Placemate’s official website for Chilmark here.
The program details from the town’s statement are as follows:
Program Details:
- Eligibility: Properties must be located in the Town of Chilmark and must not have been rented long-term in the past 12 months.
- Rental Caps: Maximum rental rates range from $2,900/month for a studio to $4,250/month for a three-bedroom unit.
- This program expands the existing rental assistance program administered by the Dukes County Regional Housing Authority, which provides assistance to tenants.
- Incentive: Property owners who commit to a long-term lease with Qualified Tenants may receive $4,000 per tenant, up to three tenants per lease (max $12,000 per property).
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