The Friends of KIPP Academy Lynn Charter School Foundation Inc., the supporting organization for KIPP Academy Lynn Charter School (KAL), has been given a $26 million New Markets Tax Credits financing package from MassDevelopment to build a 68,000-square-foot middle and high school.

The financing package includes $17.5 million in tax-exempt and taxable bonds issued on the organization’s behalf, according to a statement. The school will use proceeds to purchase a six acre site on High Rock Street in Lynn. The new facility will replace the 14,000-square-foot space KAL currently leases from the Boston Archdiocese on Bessom Street in Lynn.

"KIPP Academy students receive the kind of quality education necessary to power the commonwealth’s innovation economy," said MassDevelopment Executive Vice President of Finance Programs Laura Canter. "This low-cost financing will help the school enroll more students in better facilities and extend KIPP’s record of success."

The new facility will include 36 classrooms, 16 specialty rooms, a gymnasium with locker rooms and storage, cafeteria, library media center, athletic fields and outdoor recreational space. The school will also have space for car and bus circulation as well as parking for 152 cars.

Boston Private Bank & Trust Co. purchased the bond, with participation by Citizens Bank and Boston Community Capital. JP Morgan Chase purchased the tax credits.