Four couples will compete Monday for the chance to buy a three-bedroom affordable housing property in Edgartown.

The house, which is located on a 2,100 square foot lot on 22nd street and will be on sale for $262,000, was bought back by the town after the previous owner died before a ten-year restriction on ownership in his deed was up. Each couple works in Edgartown. One couple, who both live and work in Edgartown, will get two lottery tickets.

The lottery will be held at 5 p.m. in the selectmen’s meeting room at the Edgartown town hall.

It will be the first major action in Edgartown affordable housing since the formation of a trust late last year, set up in part to handle a $1.8 million payment agreed by the Field Club property, a high-end development near Katama, the bulk of which is outstanding.

In an arrangement with the Martha’s Vineyard Commission, Field Club developers opted to pay in lieu of building affordable lots on their property as initially agreed.

The first payment of $700,000 was made in November of last year. Two further payments of $550,000 are also due. The first payment is due after either the sale of six lots or by August; the second is due after the 12th lot is sold, or by March 2010, whichever comes sooner.

Edgartown affordable housing trust co-chair Janet Hathaway confirmed that a second payment has not yet been received. Attempts to reach owners of the Field Club were unsuccessful.

Ms. Hathaway sees opportunity for affordable housing during this recession. Now is a good time to buy down property, ahead of schedule, she argued, even if a little work needs to be done to the property by an owner.

“I saw a Vineyard Haven property advertised for $340,000, for a three-bedroom,” she said. “We haven’t seen that in years.”

Applications are also due late next month for two Edgartown High street condominiums. They are are part of a development by Batch Mail LLC. Applications are due April 24.

The two-bedroom units will be on sale for $162,000 a piece.

All properties will have a ground lease provided by the Island Housing Trust which allows an heir to inherit the property without salary restrictions.