Construction began yesterday on the 60,000 square-foot, $26.6 million affordable housing project on Oxford Street in Chinatown.

Developed by the Chinese Economic Development Council Inc. (CEDC), Oxford Ping On Affordable Housing is an 11-story structural steel building that will include 67 rental apartments for Chinatown’s low-income population. It will consist of 48 studio apartments, 16 one-bedroom and three two-bedroom apartments, as well as handicap-accessible units. Surface parking is located nearby, as are many public transportation options.

"Today’s groundbreaking ceremony is a momentous occasion for Chinatown," Edward T. T. Chiang, chairman of the board for the CEDC, said in a statement. "This is a transformational project that will result in much-needed, modern, efficient and comfortable residences for this community."

The project is funded in part by a $5.5 million contribution from the city of Boston. The primary lender for the development is Boston-based Eastern Bank, along with syndicator Royal Bank of Canada. Construction will generate an estimated 100 jobs. 

CEDC was joined at the groundbreaking by representatives from Chia-Ming Sze Architect Inc., Consigli Construction Co. Inc., Eastern Bank and local and state officials, including Boston Mayor Martin Walsh.

The project is slated for completion in late summer 2015.