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MassDevelopment Issues $33M Bond for Ipswich 94-Unit Affordable MF Complex 

MassDevelopment has issued a $32.5 million tax-exempt bond on behalf of Agawam Village, an affiliate of Ipswich Housing Authority. The bond proceeds will be used to acquire and renovate the Agawam Village affordable multifamily rental housing complex in Ipswich, Massachusetts.  

The complex consists of 94 units across seven buildings, and the renovations will be carried out by Ipswich Housing Authority and its joint venture partner, Harborlight Homes of Beverly. The project aims to enhance individual units, replace doors, roofs, and windows, upgrade mechanical, electrical, and plumbing systems, and make other site improvements.  

In addition to the tax-exempt bonds, the project received approval for federal low-income housing tax credits that will provide approximately $20.1 million in equity. No displacement of existing residents will occur during the rehabilitation process.  


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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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