Coppersmith Village Rental Limited Partnership, an affiliate of the Neighborhood of Affordable Housing Inc. (NOAH), has received a funding package through the state in order to construct a 56-unit rental housing facility.

NOAH, an East Boston regional community development corporation and the project’s sponsor, is using the $13.4 million MassDevelopment bond to transform the former ironworks company site at Border Street in East Boston into a complex to be called Coppersmith Village.

The complex will feature 41 units for households earning no more than 60 percent of the area median income, and 15 for-sale townhomes, along with about 3,000 square feet of ground floor retail space.

East Boston Savings Bank purchased the bond, and MassDevelopment assisted the Massachusetts Department 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.

“Meeting greater Boston’s housing needs requires a creative approach to development like the one at Coppersmith Village,” MassDevelopment President and CEO Marty Jones said in a statement. “MassDevelopment is pleased to help finance this project to transform a formerly vacant facility into a brilliant mixed-use development that will provide East Boston residents with a variety of housing options.”