How is VHI Funded?
As a 501(c)(3) nonprofit organization, VHI's operating and development budgets rely on various funding sources, including public and private grants, charitable donations, property donations, and proceeds from VHI's rental properties.
VHI depends on the generosity of private donors, without whom our work would not be possible!
In 2024, VHI applied for and was awarded an $840,000 grant from the Maine State Housing Authority under the Affordable Housing Initiative for Maine Islands.
This important grant enabled VHI to develop four units of year-round affordable housing for island residents at 16 East Boston Road.
How is VHI using the $840,000 grant?
VHI is using the $840,000 grant from the Maine State Housing Authority to develop and build four units of year-round affordable housing for island residents at 16 East Boston Road.
The grant funds can only be used for this specific purpose. VHI has to raise additional funds for future projects.
What are VHI's future projects?
Consistent with VHI's mission, VHI is constantly on the lookout for opportunities to acquire additional property so that VHI can create affordable housing options on the island. VHI's fundraising efforts are designed to ensure that VHI can act quickly when prospective properties arise.
How do ADUs fit into VHI's plans?
VHI has already acquired one ADU (Accessory Dwelling Unit) for our property at 16 East Boston Road, and is exploring the potential for additional ADUs.
Recognizing the need for more affordable housing in Maine, the Maine legislature recently enacted legislation that will make it easier to incorporate ADUs into affordable housing developments.
Adding more ADUs will require additional grants and fundraising.