The Community Builders (TCB) of Boston have arranged for a financing package through MassHousing to renovate its historic affordable housing apartment complex in Chinatown.

The 12-story, 88-unit Chauncy House, located at 115 Chauncy St., will receive a $16.4 million financing package for renovations including window replacements, kitchen, bathroom and elevator upgrades, improved ventilation, replacement of the fire alarm system and replacement of hot water storage tanks. The building’s terra cotta façade will be power washed, patched and repaired. Additionally, five apartments will be upgraded to be fully accessible.

As a result of the MassHousing financing the Section 8 subsidy will be extended at least 15 years.

MassHousing’s financing includes a $9.2 million construction and permanent loan, and a $7.2 million bridge loan. Other financing sources for the transaction were the use of state and federal Historic Tax Credits and federal Low-Income Housing Tax Credits.

“We are excited to be able to preserve quality affordable housing in Chinatown, a dynamic neighborhood which is under significant development pressure. Now, with financing from MassHousing, the 88 families that call Chauncy House home will have an even better place to live,” TCB President and CEO Bart Mitchell said in a statement.

Chauncy House was built in 1922 as the Wendell Phillips Building and was converted from offices to housing in 1973. The building is listed in the National Register of Historic Places. It contains 22 studio and 66 one-bedroom apartments.

The contractor for the project is Bilt-Rite Construction and the architect is The Architectural Team, both based in the Boston area.