Riverside Village RHF Limited Partnership has been given a $14.5 million tax-exempt bond from MassDevelopment to purchase and renovate a 312-unit rental housing facility in Leominster.

The rental housing project will preserve and improve 280 units of affordable housing, rented to households earning up to 60 percent of the area median income, according to a statement. Renovations will include replacing the heating system and pool deck; adding doors and fencing; repairing roofs; and resurfacing roads. Riverside Village consists of 78 one-bedroom units, 182 two-bedroom units and 52 three-bedroom units.

"This partnership and low-cost financing helps preserve hundreds of affordable housing units for Massachusetts residents," said MassDevelopment President and CEO Robert L. Culver. "Individuals and families whose means are limited will continue to have quality housing options in Leominster."

Boston Private Bank purchased the bonds.