Ipswich, MA – MassDevelopment has issued a $32,499,739 tax-exempt bond on behalf of Agawam Village LLC, an affiliate of Ipswich Housing Authority, which will use proceeds to buy and renovate the Agawam Village affordable multifamily rental housing complex in Ipswich.
Built in the 1970s, Agawam Village is comprised of 80 one-bedroom units, four two-bedroom units, eight three-bedroom units, and two four-bedroom units across seven buildings. Renovations will be undertaken by the Ipswich Housing Authority in collaboration with its joint venture partner, Harborlight Homes of Beverly. The renovations will include enhancements to individual units; door, roof, and window replacements; mechanical, electrical, and plumbing upgrades; and other site improvements.
There will be no permanent relocation or displacement of existing residents associated with the rehabilitation of the property. Project sponsor Ipswich Housing Authority created a for-profit affiliate, Agawam Village LLC, for the purposes of facilitating this tax-exempt financing. The bond was sold through a public offering underwritten by Stifel, Nicolaus & Co.
“This significant investment by Ipswich Housing Authority and Harborlight Homes will modernize and preserve 94 affordable housing units, improving the quality of life for current and future residents of this community,” said MassDevelopment president and CEO, Dan Rivera.
In addition to the tax-exempt bonds, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $20.1 million in equity for the project.
“This project will make an enormous difference in the lives of our residents and will also help to preserve one of the most important resources in our community,” said Ipswich Housing Authority executive director, Kate McGuire. “We are so grateful for the support we have received from our many community partners in this project, including MassDevelopment.”