The Edgartown affordable housing trust has received a second of three required payments from the Edgartown Field Club, bringing the trust treasury to $1.3 million. The town affordable housing committee will hold two meetings in September to begin plans for allocating money to affordable housing projects.

The Field Club, a private club and residential home development in Katama, paid the town $550,000 in July, and with the second payment has now paid the trust $1.25 million. A third installment of $550,000 is due either by March or by the sale of the 12th lot at the development, whichever comes first.

The trust has also received contributions from two other developments in town: Nora’s Meadow and the Shiretown Inn.

The Martha’s Vineyard Commission decided last year to allow the Field Club to pay the money in lieu of providing three affordable lots.

Affordable housing committee chairman Janet Hathaway said the committee will first and foremost be looking for move-in properties which require minimal work before they can be sold to an applicant.

The committee has discussed other spending options, including the purchase of raw land and making needed repairs to properties such as roof or boiler replacement.

But Ms. Hathaway cautioned that the committee will discuss final recommendations in light of what stock turns up, once a property search is underway.

At its most basic, she said the goal will be to provide bridge money to a buyer who cannot afford the entire price tag for a property. In return the trust will apply a deed restriction to the house making it affordable in perpetuity.

The committee is awaiting delivery of an informational package from Alice Boyd of Bailey Boyd and Associates, a private community development firm with offices in Boston and West Harwich.

Ms. Hathaway said the committee is interested in two methods used by the firm for finding eligible affordable housing applicants and properties — one that finds housing stock by sending out a request for proposals and another designed to attract applicants.

But Ms. Hathaway also said she perceives a price difference between the Vineyard market and off-Island towns catered to by Bailey Boyd and Associates, with Island homes being priced higher.

“So our funding may be $100,000 to 125,000 as opposed to $50,000 or less,” she said.

The town housing trust was formed last year partly as a vehicle to accept the funding from the Field Club.

Currently serving on the trust are: Melissa Norton Vincent, Michael Donaroma, Janet Hathaway, Alan Gowell and Sharon Purdy. Two at-large members are Barbara Magnuson Phillips and Mark Hess.

Mr. Donoroma is the selectmen’s representative to the board. Ms. Hathaway and Ms. Purdy serve on both the housing trust and housing committee. With the formation of the trust, the decision-making process has changed for affordable housing spending requests: now the committee makes recommendations to the trust, and if approved, the chairman takes the request to selectmen for approval.

Prior to the formation of the trust spending requests from the committee were submitted for public vote at town meeting.