PORTLAND — The Illustration Institute has received a $200,000 matching grant to help the organization buy the Peaks Island property used for its residency program.

Institute Creative Director Scott Nash announced the grant from The Maine Community Foundation in a March 13 press release.

Faison Artist Residency at Tolman Heights includes a four-bedroom house, a stone cottage and barn. A 900-square-foot studio near Spar Cove will be built soon, Nash said.

Current owner John Faison has agreed to sell the property to the nonprofit  Illustration Institute for $1, provided the Institute can raise $500,000 to fund the residency program in perpetuity, Nash said, adding the goal is to raise all the money by October.