In keeping with a theme of innovation, the Island Affordable Housing Fund and Island Elderly Housing this week announced they will raffle off the last remaining unit in the Jenney Way affordable housing subdivision to raise money for affordable housing and programs benefitting seniors on the Vineyard.

The raffle, known as Key2MV, aims to sell 600 tickets for $1,000 each from now until the beginning of October. The raffle is scheduled to take place at 4 p.m. on Oct. 11. And while some raffles offer prizes like cash or vacations; the prize here is a two-bedroom, one and-a-half bath home built by South Mountain Company of West Tisbury at 2 Jenney Way.

Jenney Way is a cluster of 10 houses built for Vineyard residents earning between 70 to 140 per cent of the area median income. Four of the homes recently received a top environmental designation from the U.S. Green Building Council.

The project was designed and built by South Mountain Company Inc., developed by the Island Affordable Housing Fund, and is now owned by the Island Housing Trust.

The home that will be raffled is not deed restricted for affordable housing and is slated to sell at market rate. Affordable housing fund executive director Patrick Manning said the unit was never planned as affordable, and the raffle seemed like a good way to generate revenue for other affordable housing opportunities on the Vineyard.

“We are very excited about this raffle that will allow someone the opportunity to support affordable housing while having a chance of winning a market-rate house in one of the most desirable locations,” Mr. Manning said. “It’s a win-win for everyone.”

John Early, a West Tisbury contractor and president of the board of Island Elderly Housing, said the raffle continues a trend of innovative ideas to combat the problem of affordable housing on the Vineyard.

“This is the most fun I have had planning a fundraiser in some time,” Mr. Early said. “This is the opportunity for these two fine nonprofits to work together for safe, decent housing for all Island residents.”

For information on the raffle, go to the Island Affordable Housing Fund offices upstairs at the Vineyard Housing office at 346 State Road in Vineyard Haven or the Island Elderly Housing offices at 60-B Village Road in Oak Bluffs. Tickets will be sold at both places, and at various events on the Island this summer and fall. Tickets will also be available online at islandaffordable.org or key2mv.org. Or call 508-696-0943.