MassHousing has approved $2.2 million in loans for the Greenway Apartments in East Boston, which will feature affordable apartments for low-income families.

The Greenway Apartments are being developed by the East Boston Community Development Corp., which plans to raze two vacant buildings at 170 and 172 Maverick St. and construct 27 affordable rental units in a low-rise, energy-efficient building, according to a statement. Of the 27 apartments, 21 will be two-bedroom units and six will be three-bedroom units.

The three-bedroom units will be subsidized with tenants paying 30 percent of their income for rent and the two-bedroom units will be rented at $976 a month, compared to an estimated market rate of $1,800 a month for two-bedroom apartments in the area, according to a statement.

"There is a significant need for family-sized, affordable apartments in East Boston," said MassHousing Executive Director Thomas R. Gleason. "MassHousing’s financing for this project will help meet that need while transforming two vacant properties into quality apartments that will remain affordable in perpetuity."

The MassHousing financing involves a $1.2 million permanent loan and a $1 million Priority Development Fund loan. Bank of America is also providing a $5.4 million construction loan.

The project contractor will be Woburn’s Landmark Structures Corp. and the architect is Michael A. Interbartolo Jr. of East Boston, according to a statement. The management agent will be Metro Management, a subsidiary of East Boston Community Development Corp.

Construction of the Greenway Apartments is expected to be completed by spring 2012.