MassDevelopment has issued an $18 million tax-exempt bond on behalf of SPV Assoc. Limited Partnership to buy and renovate 150 units of affordable housing at Swan Pond Village in South Yarmouth. Boston-based Weston Assoc. is the project sponsor.

Renovations will include new roofs, windows, flooring, doors, cabinets and appliances; bathroom improvements; drywall replacement; interior painting; new HVAC systems; electrical upgrades; and site improvements.

Swan Pond Village has 18 residential buildings and one community building on 26.6 acres that include 68 one-bedroom units, 44 two-bedroom units, 30 three-bedroom units and eight four-bedroom units.

In addition to the bond financing, MassDevelopment assisted the Department of Housing and Community Development with getting approval of federal low income housing tax credits that will generate about $8.8 million in equity for the project.

"Preserving affordable housing is vital to improving the quality of life in the Commonwealth," MassDevelopment President and CEO Marty Jones said in a statement. "We’re pleased to support Weston Assoc.’s work resulting in more and better affordable housing options in South Yarmouth Swan Pond Village."