Agawam Village in Ipswich to use state bond to modernize affordable housing

June 26, 2023 : MassLive, Liesel Nygard

MassDevelopment has issued a nearly $32.5 million tax-exempt bond to buy and renovate the Agawam Village affordable multifamily rental housing complex in Ipswich, MassDevelopment announced in a press release.

Built in the 1970s, Agawam Village features 80 one-bedroom units, four two-bedroom units, eight three-bedroom units, and two four-bedroom units across seven buildings, the release states.

The Ipswich Housing Authority and Harborlight Homes of Beverly will tackle the renovations. Enhancements will be made to each unit, including replacing the doors, roofs and windows. Mechanical, electrical and plumbing upgrades will also be made along with other site improvements, according to MassDevelopment.

“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 the press release. “Just this year alone, MassDevelopment is pleased to have announced more than $184 million in tax-exempt bonds to help public housing authorities renovate hundreds of units, preserving this much-needed housing in the face of our state’s ongoing housing crisis.”

Existing residents will not be displaced or permanently relocated during the work on the property, the release said.

“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 in the press release. “We are so grateful for the support we have received from our many community partners in this project, including MassDevelopment.”

During their 2022 fiscal year, MassDevelopment financed or managed 356 projects generating an investment of more than $1.69 billion in the Massachusetts economy, according to the report. These projects were estimated to create or support 11,080 jobs and built or preserved 1,778 housing units.