MassHousing has provided $21 million in financing to an affiliate of First Resource Cos. for the preservation of affordability and extensive renovations at the 173-unit Maple Commons Apartments in downtown Springfield.

First Resource has begun extensive property renovations and safety improvements at the property, including building envelope repairs, window replacement, roof replacement, boiler replacement, HVAC upgrades and apartment upgrades. First Resource will also install a state-of-the-art security system that will include 150 cameras over two city blocks that will be connected directly to the Springfield Police Department.

“This transaction is providing a great outcome for the residents of Maple Commons and for the city of Springfield with the transformation of this neighborhood,” MassHousing Executive Director Tim Sullivan said in a statement. “First Resource has a proven track record of revitalizing neighborhoods, especially in western Massachusetts, and helping to make them safer for the residents who live there. We are pleased to be able to partner with them again at Maple Commons.”

“I know this will be a positive project that continues to improve the quality of life for our residents and their families. I deeply appreciate their continued belief and investment in our Springfield,” Mayor Domenic Sarno said in a statement.

MassHousing provided a $21 million bridge loan with a 2.4 percent interest rate. The Massachusetts Department of Housing and Community Development (DHCD) has allocated a total of $35 million in state and federal low-income housing tax credits to Maple Commons. This transaction also received an allocation of federal historic tax credits and HOME financing from DHCD and the city of Springfield.

All 173 apartments at Maple Commons are covered by a federal Section 8 Housing Assistance Payment Contract through 2021, and First Resource plans to extend the contract for an additional 20 years.