Heritage 195 Pleasant Street LLC has been given a $10.8 million tax-exempt bond from MassDevelopment to purchase and renovate The Heritage Apartments, an affordable senior housing community in Malden.

Renovations include converting studio apartments to one-bedroom units; repairing balconies; replacing the heating system with a more energy-efficient model; and installing new energy-efficient windows, Energy Star-rated refrigerators and stoves, and water-efficient plumbing fixtures, according to a statement. The bond will preserve 156 units of affordable housing for seniors earning less than 60 percent of area median income.
The Heritage is a 176-unit, 10-story apartment building.

"These upgrades to The Heritage will preserve affordability and conserve energy," said MassDevelopment President and CEO Robert L. Culver. "MassDevelopment takes pride in preserving affordable housing in the commonwealth, especially for seniors, and we’re pleased to provide access to low-cost financing for this green project."

Wainwright Bank purchased the bonds.