The Lincoln Woods Apartments in Lincoln will receive $15.6 million in MassHousing financing to improve facilities and maintain affordability at the 125-unit complex.

Lincoln Woods is owned by an affiliate of The Community Builders (TCB) of Boston. TCB is using the MassHousing financing to renovate the property, which includes 72 apartments that are affordable to lower-income families. The remaining 53 apartments are rented at market rates.

TCB will use funds to replace all windows and exterior doors, replace or repair wood siding, renovate community rooms, install a fitness area, new kitchens, bathrooms and a new boiler plant, improve ventilation and add solar panels. The number of accessible apartments will be increased from two to six and the wastewater treatment plant will be upgraded to ensure compliance with current requirements.

The 72 affordable units will remain so for at least 30 years under the Low-Income Housing Tax Credit (LIHTC) program, and of the 72 units, 32 will be subsidized through the Massachusetts Rental Voucher Program.

MassHousing’s financing includes a $12.6 million construction and permanent loan and a $2.8 million bridge loan. Other financing sources for the transaction were the state Department of Housing and Community Development, the town of Lincoln and the use of federal LIHTCs.

“At a time when the nation is talking about expanding ways for families of all incomes to live in high-opportunity communities with great schools, The Community Builders could not be more proud of Lincoln Woods Apartments, where 125 families with a wide range of incomes live in well-designed housing in the center of Lincoln, adjacent to grocery shopping, green space and the commuter rail,” Bart Mitchell, TCB president and CEO, said in a statement. “We are delighted that this investment will keep Lincoln Woods Apartments beautiful, energy-efficient and affordable for decades to come.”