Governor Deval Patrick has pledged $145,300 in low-income tax credits to help fund the third and final phase of construction at the Union Pond affordable housing apartment complex.

The project, called The Gardens at Union Pond, will create an additional 40 units of affordable housing, and is expected to create or retain 57 jobs, according to Senator Marc Pacheco. The complex is located at 1 Gatehouse Drive, East Wareham.

The Gardens will complement the pre-existing Retreat at Union Pond, which currently has 104 apartments across four buildings. Phase one consisted of the construction of two buildings containing 74 units total, phase two consisted of the construction of another two buildings containing 70 units. Roughly three-quarters of the apartments are currently rented.

Each of those projects received about $1 million in state funding and an additional $1 million in federal funding, according to the Brian McMillin, Vice President of Gatehouse Group, which owns and operates the complex.

The two new buildings that will make up the Gardens will be built on the same property as the Retreat buildings. Once the third phase is completed, the complex will have a total of 144 units. In addition to the $145,300 already pledged by the state, the federal government will contribute $939,167 in federal low-income housing tax credits to help finish the project.

"It's really a great federal, state, and local partnership," said Town Administrator Mark Andrews. "Housing is so expensive and we're trying to makes sure that we're working to lessen the burden."

Rents for the majority of the apartments are set at rates deemed to be affordable for those making 60 percent of the area's median income. This translates to $895 per month for a 665-square-foot, one-bedroom apartment, $995 per month for a 945-square-foot, two-bedroom apartment, and $1,195 per month for a 1,195-square-foot, three-bedroom apartment. Four one-bedroom apartments will rent for $394 per month.

The project will also include four units of housing affordable to households with extremely low incomes. Four two-bedroom units will rent or $456 per month, and three three-bedroom apartments will rent for $512 per month. Tenants must pay for gas and electric service.

"This is exactly the type of initiative we need to be working on during these tough fiscal times," said Senator Marc Pacheco. "This is a win-win-win situation. As the project developer, the town of Wareham and the citizens all benefit as a result of this funding. As a result of this funding, jobs will be created or retained, and once completed, this development will provide more affordable units for those in need."

If all goes as planned, construction of the two buildings will begin within the next several months and the new apartments will begin leasing by the end of this year, McMillin said.