An Allston redevelopment effort received financing to demolish a vacant post office and construct 170 units of mixed-income housing.

The new six-story apartment building, to be called Post Allston, will feature ground-floor retail spaces and a new post office. Plans also include the creation of 58 on-site parking spaces.

Located at 25-39 Harvard Ave., Post Allston is the second project to receive financing via the Momentum Fund. Under the Affordable Homes Act, this fund aims to create new housing quickly by leveraging low-cost capital and partnering with private developers to incentivize already permitted construction.

The Momentum Fund previously financed construction of the Residences at East Milton, which saw an underused commercial property transformed into nearly 100 units of housing.

“By creating co-investment partnerships with the state and MassHousing, we are able to accelerate production of that crucial middle- and mixed-income housing that our communities need,” said Secretary of Housing and Livable Communities Ed Augustus in a press release. “Many times, these are developments that are ready to proceed but have stalled due to changing economic factors. The Momentum Fund will help move them forward.”