HallKeen Management will renovated Academy Hill, a 27-unit mixed-income housing community for senior citizens on Nantucket, and preserve affordability at Academy Hill’s affordable units for perpetuity, with $1.5 million in financing from MassHousing.

HallKeen plans to undertake extensive property improvements to Academy Hill over the next two years, including accessibility improvements, masonry repairs and building systems upgrades. The town of Nantucket has also committed $250,000 in Community Preservation Act financing for the repair of the historic building’s windows.

Nantucket also extended the ground lease for Academy Hill, which will ensure that the property’s 12 affordable apartments remain affordable in perpetuity.

“Academy Hill is an important housing resource for senior citizens on Nantucket, and this transaction will allow the property to continue serving residents for as long as it is there,” MassHousing Executive Director Chrystal Kornegay said in a statement. “HallKeen Management and the town of Nantucket were instrumental in not only making sure these repairs are made for the long-term use of the property, but also in preserving affordability for residents at Academy Hill for perpetuity.”

The Academy Hill School was built in 1929 and converted to senior housing in 1986 with a combination of MassHousing financing and the use of historic tax credits. The property is located at 4 Westminster St. and is comprised of two studio apartments, 21 one-bedroom apartments and four two-bedroom apartments.

Of the 27 apartments, 12 are affordable to residents earning at or below 80 percent of AMI; 15 apartments are rented at market rates.