Methodist Towers in Downtown Erie will be undergoing upgrades with help from the City of Erie.

The new owners of Methodist Towers received a low-interest loan for the renovation project from the city.

The new owners, Community Preservation Partners and Rochester’s Cornerstone Group, will receive a $450,000 loan.

One representative said an investment in affordable housing is necessary to support Erie’s downtown community.

“There’s a significant need, and unfortunately there’s never going to be enough resources to fully address it. The best thing we can do is make the most efficient use of the resources to do the largest investments that we can in the communities that we can be a part of. We greatly look forward to being a part of more communities in Erie and we’re actively looking,” said Seth Gellis, Senior Vice President of Community Preservation Partners.