The blaze broke out in the early hours of Friday morning at the property in the Tiger Court area.
The officers had helped to save residents from the burning building.
None of the residents suffered any injuries.
Alliance councillor for the area, Neil Kelly, said it was fortunate no-one was killed.
"This could have been a terrible tragedy, especially at Christmas time," he said.
"I must praise the brave actions of the two police officers who entered the building despite the clear danger which confronted them. They put their own lives at risk to protect the public. I hope they will be able to make a swift recovery.
"The people behind this arson attack have no regard for the lives of others. They must be apprehended by the police."
Two Police Service of Northern Ireland (PSNI) officers have been treated in hospital for the effects of breathing in smoke after an arson attack at a flat in Antrim.