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Tax-exempt financing from MassDevelopment will enable a Holyoke community action agency to preserve a two-building portfolio of affordable apartments.

The $8.5 million bond was purchased by bankESB, enabling Voces de Esperanza LLC to lower its capital costs.

The corporation, an affiliate of Valley Opportunity Council Inc., will acquire and renovate two buildings at 348 Chestnut St. and 337-351 Chestnut St. totaling 48,000 square feet.

Following renovations to individual units and common areas, 37 apartments will be rented to households earning a range of incomes, from under 30 percent to up to 60 percent of area median income.

The project received $5.7 million in low-income housing tax credits approved by the Massachusetts Department of Housing and Community Development.