Three low-cost financing packages totaling $22.8 million have been finalized for affordable housing construction and preservation projects in Somerville, Allston and Dorchester, according to the state’s finance and development authority, MassDevelopment.

The Somerville Housing Authority will use the proceeds from a $14 million tax-exempt bond to demolish an outdated 64-unit apartment complex for seniors and the disabled, and construct a new 95-unit affordable housing facility on the site.  

The Allston Brighton Community Development Corp. – through its Long Glen Rental II LLC real estate holding entity – will use the proceeds from a $5.85 million tax-exempt bond purchased by Bank of America to preserve affordable housing at the 33-unit Long Glen Rental II apartment complex located at 45-52 Glenville Ave. in Allston.

The Codman Square Neighborhood Development Corp. – through its New Lithgow Residential LLC real estate holding entity – will use proceeds from a $3 million tax-exempt bond purchased by The Life Initiative to renovate and maintain the affordability of a 31-unit rental apartment complex located at 10-26 Lithgow St. and 383-387 Talbot Ave. in Dorchester.