Trinity Ashmont Two Mixed Use Limited Partnership has received a $15.32 million tax-exempt bond from MassDevelopment to redevelop the Ashmont Tire site in Dorchester.

The property will become a mixed-use, transit-oriented development for commercial, retail and residential use.

Trinity Financial, the project’s sponsor, will construct 51 multifamily housing units in a six-story building that will include approximately 5,000 square feet of ground-floor retail space. The rental units ­– six studios, 26 one-bedrooms and 19 two-bedrooms – will be designated for households earning no more than 60 percent of the area median income. The fifth and sixth floors will contain 28 market-rate condos and four affordable condos that are financed outside of this tax-exempt bond transaction.

MassDevelopment also assisted the Department of Housing and Community Development with the approval of federal low-income housing tax credits which will provide approximately $11.3 million in equity for the project. Boston Private Bank purchased the bond.

“Trinity couldn’t be happier to have worked with its state, city and local partners on this complicated transaction,” Matt Zahler, Trinity’s project manager for the Ashmont TOD2 development, said in a statment. “Continuing to transform Boston’s Ashmont neighborhood requires the participation of financial partners like those on the Ashmont TOD2 team who can fully appreciate the mayor’s exciting vision for this transit oriented development location, and the city’s efforts to continue to create mixed income rental and for-sale housing in all of Boston neighborhoods.”