MassHousing has acquired $4.7 million in financing to help Beacon Communities LLC of Boston develop 94 new age-restricted, affordable apartments at Island Creek Village in Duxbury.

Island Creek Village North will be built adjacent to the existing 58-unit Island Creek Village East and the 48-unit Island Creek Village West that were financed by MassHousing in 1982.

The new apartment community will consist of 90 one-bedroom apartments and four two-bedroom apartments in a four-story, wood-frame building. All 94 apartments will be restricted to residents age 55 and over with an income at or below 60 percent of area median income (currently $41,400 for a one-person household in Duxbury). Nineteen of the apartments will be reserved for residents with incomes at or below 50 percent of the area median income (currently $34,500).

Construction is expected to be completed in 2016. The building was designed to minimize its environmental impacts, and will be seeking LEED certification through the U.S. Green Building Council. Beacon Communities is also planning for an additional phase of development on the site, which will consist of 120 units of mixed-income housing.

In addition to the MassHousing loan and financing from the Affordable Housing Trust Fund, the project is receiving funding from the sale of both federal and state Low-Income Housing Tax Credits, Bank of America and the town of Duxbury.