Image courtesy MassHousing

A financing package by MassHousing and federal agencies will extend affordability protections at a 103-unit complex in Medfield that’s been owned by Beacon Communities since 2012.

The $21.4 million, the 35-year permanent loan will extend the property’s Section 8 contract for 82 affordable units at the Wilkins Glen property for 30 years, MassHousing announced.

The transaction is part of a joint venture program with Ginne Mae and Rockport Mortgage Corp. that’s available to owners of rental housing. Known as the Multifamily Accelerated Processing (MAP) program, it provides fast-track insurance approvals by the U.S. Department of Housing and Urban Development. MassHousing’s $1.75 billion MAP lending program is the nation’s largest by a state housing finance agency.

The combination of FHA insurance and Ginnie Mae guarantee enables borrowers to obtain lower interest rates on mortgages.

Boston-based Beacon Communities has invested $4.6 million in capital improvements in the past decade at the Medfield property, including replacements of boiler and fire safety equipment.