MassHousing has provided $10.2 million in financing for a senior citizens living community to extend affordability and provide property improvements.

The 49-unit Waterview Apartments in South Boston are being refinanced by Waterview Assoc. LP through the U.S. Department of Housing and Urban Development’s Multifamily Accelerated Processing/Ginnie Mae Mortgage Backed Securities program, offered by MassHousing.

The building consists of 35 one-bedroom apartments and 14 two-bedroom apartments in a three-story building. Improvements will include a new elevator, air conditioning units, an emergency call system and converting three apartments into fully-accessible units. As part of the MassHousing financing, the federal Section 8 Housing Assistance Payment (HAP) contract for the 49 apartments will be extended for 20 years.

“We were happy to be able to offer this financing option to Waterview Assoc., which is committed to keeping the Waterview Apartments affordable to seniors in South Boston while also making some property improvements that will benefit the residents long into the future,” MassHousing Executive Director Thomas R. Gleason said in a statement.

The property is managed by Schochet Property Management.