MassDevelopment has issued a $3.36 million tax-exempt bond on behalf of JP Scattered Site LLC, which will use the bond proceeds to buy and renovate 18 units of multi-family rental housing in Boston’s Jamaica Plain neighborhood.

The Jamaica Plain Neighborhood Development Corp. (JPNDC), which promotes affordable housing and economic opportunity initiatives, is sponsoring the project. Eastern Bank purchased the bond.

"Preserving and renovating affordable housing units allows many Bostonians to access housing," MassDevelopment President and CEO Marty Jones, said in a statement. "MassDevelopment is proud to support the JPNDC’s commitment to adding and renovating these residential options."

The four-building project in the Stony Brook and Jackson Square areas includes two one-bedroom units, three two-bedroom units and 13 three-bedroom units. Improvements to the buildings, which have served low-income families for 20 years, include energy efficiency, kitchen upgrades and new roofs and windows.

"Preserving affordable homes is essential to the long-term health of the families who live here, as well as the Jamaica Plain community as a whole," Richard Thal, JPNDC’s executive director, added.