Malden’s Salem Towers Senior Housing LLC, an 80-unit housing facility that serves low-income seniors citizens, has been given an $8.65 million tax-exempt MassDevelopment bond.

The funding will help purchase and preserve the affordability of the building for the next 40 years and increase accessibility for persons with disabilities by creating 18 accessible apartments; redeveloping the driveway, walk, and parking; and adding a second elevator, according to a statement. Renovations will include new kitchens, roof, windows, heating systems, a solar hot water system and a roof terrace.

"Since 1964, Salem Towers, the oldest HUD Section 202 housing in New England, has provided an attractive option for seniors who often struggle to afford housing," said MassDevelopment President and CEO Robert L. Culver. "These renovations and the preservation of affordable units will increase accessibility and ensure this facility is available to seniors for decades."

New York’s Red Stone Partners purchased the bond.