Photo courtesy of MassHousing

Boston-based Beacon Communities has received $38.5 million in financing to renovate a pair of Brockton housing complexes and preserve affordability restrictions for at least 30 years.

The Pine Commons and Pine Gardens properties will receive $10.7 million in capital improvements as part of the deal, provided through MassHousing’s Multifamily Accelerated Processing/Ginnie Mae Joint Venture Initiative. Rockport Mortgage Corp. is the lender partner.

The program enables owners of rental housing to receive low-interest mortgages to preserve affordability restrictions, with MassHousing acting as the mortgagee of record and Ginnie Mae servicer. Property owners are required to rent at least 20 percent of units to households earning less than 80 percent of the area median income.

Property improvements will include unit renovations including the conversion of 15 apartments to comply with Americans with Disabilities Act standards, new security systems and lighting, roofing and siding replacement, and updates to playgrounds and parking areas.

MassHousing has provided $91.4 million in financing for 15 rental housing communities in Brockton totaling nearly 2,400 units.