MassDevelopment has issued a $32.5 million tax-exempt bond to facilitate the acquisition and renovation of Agawam Village, an affiliate of Ipswich Housing Authority in Massachusetts. The 94-unit multifamily rental housing complex across seven buildings will receive enhancements to individual units, replacement doors, roofs and windows as well as upgrades to mechanical, electrical and plumbing systems along with other site improvements.
The project also received approval for federal low-income housing tax credits that will provide approximately $20.1 million in equity without displacing existing residents during the rehabilitation process. This significant investment is expected to have a positive impact on local communities by providing quality affordable housing options for families in need throughout Ipswich area while creating jobs through construction activities associated with this project .
