Developers broke ground during a recent ceremony at Greenfield Acres, signifying the beginning of renovations at the senior housing complex.

Members of The Congress Cos.’ construction and property management teams, representatives from MassHousing and Greenfield Acres residents all attended the event, along with Greenfield Mayor William F. Martin.

“Many apartment complexes in the state built 30 to 40 years ago with government subsidized loans, have converted their income-affordable apartments to market rate once the loans have been paid off. That could have been the case here at Greenfield Acres, but it didn’t happen because The Congress Cos., led by Bill Nicholson, worked with MassHousing. By doing so, they obtained the low-cost financing they needed and both were willing and able to keep those units affordable for at least another 20 years,” MassHousing loan officer John McCormack said in a statement.

The 94-unit complex on 10 Congress St. in Greenfield will undergo extensive upgrades that include installation of new energy-efficient boilers, new thermostatic controls, windows, doors, roofing, insulation, elevators, emergency generator, common area architectural upgrades throughout, sprinkler system upgrades, electrical upgrades and improved handicap accessibility.

The property is owned and managed by The Congress Cos. of Peabody.

The project is funded through a multifamily preservation loan from a federal/state partnership with MassHousing that provides lower interest rates to owners of rental housing with affordability agreements.

The project is slated for completion in February 2016.