An Act establishing the Martha’s Vineyard housing bank

This bill creates a new entity called the Martha's Vineyard Housing Bank to provide financial assistance for housing on the island. The bank would offer loans and funding to help build or preserve community housing, which is defined as units available to residents earning up to 240 percent of the local median income. To prevent developers from quickly reselling these homes for profit, the legislation includes strict rules that limit how long and at what price properties can be sold after receiving bank support. If a property owner violates these resale limits, they must pay a penalty equal to the full amount of the funding received plus the profit made from the sale. The bill also establishes a commission to oversee the bank's operations and set specific regulations for these restrictions.