Peabody’s Tannery II apartment complex will see its second major renovation of the 21st century through a MassHousing financing package.

The 173-unit complex for seniors will receive $28 million for roof replacement, common area and apartment accessibility upgrades and lighting and electrical improvements.

Crowninshield Management Corp., which manages Tannery II, has extended the federal Section 8 Housing Assistance Payment contract on 172 apartments for 20 years as part of the MassHousing package. One apartment is occupied by maintenance personnel.

“Tannery II has been a valuable affordable housing resource for senior citizens in downtown Peabody since the late 1970s and now it will continue to serve those seniors for many years going forward,’’ MassHousing Deputy Director for Finance and Rental Programs Timothy C. Sullivan said in a statement.

Constructed on Crowninshield Street in 1915 as the former A.C. Lawrence Tannery, the seven-story masonry building was converted into housing in 1979 with MassHousing construction financing. There are 143 one-bedroom apartments and 30 two-bedroom apartments.

The property underwent a substantial rehabilitation in 2002.