Rendering of Coppersmith Village
Boston – MassDevelopment has issued a $13.4 million tax-exempt bond on behalf of Coppersmith Village Rental Limited Partnership, an affiliate of the Neighborhood of Affordable Housing Inc. (NOAH), an East Boston regional community development corporation.
The bond proceeds will be used to build Coppersmith Village, a 56-unit rental housing facility. Forty-one units will be for households earning no more than 60% of the area median income.
Coppersmith Village will transform a former ironworks company site at Border Street and will include 15 for-sale townhomes and about 3,000sf of ground-floor retail space.
East Boston Savings Bank purchased the bond, and MassDevelopment assisted the Mass. Dept. of Housing and Community Development with the approval of federal low-income housing tax credits that will provide approximately $7.6 million in equity for the project.
