With $49.3 million in affordable housing financing from MassHousing, WinnCos. will preserve affordability for lower-income households at The Tannery in Peabody for another half-century.

WinnCos. purchased the 284-unit affordable housing community under Chapter 40T, preventing the conversion of affordable apartments to market rates and protecting the tenancies of dozens of low-income residents.

“We’re pleased to be in position to preserve the affordability of this community at a time when more properties like it are so desperately needed in Greater Boston,” Larry Curtis, president of WinnDevelopment, said in a statement. “The Tannery acquisition was a true team effort under MassHousing’s leadership and we are looking forward to starting a new chapter for this important asset.”

The MassHousing financing will enable Boston-based WinnCos. to preserve affordability at The Tannery for at least 45 years. The transaction will also result in substantial rehabilitation to the property.

“This is a terrific outcome for the lower-income residents of The Tannery, who will continue to be able to live affordably in downtown Peabody,” MassHousing Executive Director Chrystal Kornegay said in a statement. “Everyone involved in this transaction was committed to making sure that The Tannery did not convert to market rates and remained a long-term source of affordable housing in Peabody.”