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.