Olde English Village Preservation L.P. has received a tax-exempt bond to acquire and renovate Olde English Village.

The $12.9 million in financing will go toward improvements to the 200-unit affordable multifamily Gardner housing facility on 19 acres. The complex has 17 walk-up buildings, two townhouse buildings and one building with community space. Planned renovations include new roofs, energy-efficient windows, siding, entry doors to townhouse units, intercom systems, security camera monitoring system, mechanical equipment replacement and upgraded bathrooms, hallways, kitchens. The units are designated for households earning no more than 60 percent of the area median income. Related Beal, the project’s sponsor, is extending the affordability for 30 years.

MassDevelopment also assisted DHCD with the approval of federal low income housing tax credits that will provide approximately $7.1 million in equity for the project.

“Preserving affordable housing is crucial for working individuals and families across the Commonwealth,” MassDevelopment President and CEO Marty Jones said in a statement. “Thanks to our partnership with Related Beal, a creative and trusted affordable housing developer, we will maintain affordability and renovate units at Olde English Village.”