The former Clark House, a longtime inn on the Edgartown-Vineyard Haven Road, is about to undergo renovations to become a year-round apartment building for Martha’s Vineyard residents.

“This lovely 1908 house, which is still in great shape, is going to be converted from eight bedrooms into seven apartments,” said Philippe Jordi, executive director of Island Housing Trust, which bought the Clark House from owners Judy and Steve Perlman earlier this year.

There will be two studios, four one-bedroom units and one two-bedroom apartment, he said.

Rents for the apartments, one of which on the third floor has a view of Vineyard Haven Harbor, will be affordable for Islanders earning 80 to 100 per cent of the median income for Dukes County, Mr. Jordi said during a gathering at the property Friday afternoon.

“It’s similar to what we typically do, with some higher income rentals as well, because there’s a need,” he said.

According to the Dukes County Regional Housing Authority, the county median income is $64,890 for a single person and $74,160 for a household of two.

This is the second time in as many years that the Perlmans have sold an inn to the housing trust, which in 2018 purchased from them the former Hanover House, next door to the Clark House.

In both cases, Mr. Jordi said, the couple charged a below-market price for their properties in order to support the trust’s affordable housing mission.

While the Hanover House — 12 bedrooms with en suite baths, a common living area and kitchen and a separate building with three apartments — is entirely rented by the Martha’s Vineyard Hospital for its year-round staff, the Clark House apartments will be managed by the regional housing authority, Mr. Jordi said.

Work on the building is set to begin in November with occupancy expected by next summer, Mr. Jordi said.

When renovations are complete and the apartment building is ready for tenants, a new sign honoring the Perlmans will go up over the front door. In the same style of lettering that spelled out Clark House for so many years, this one will read Perlman House.