MassDevelopment has issued a $14.4 million tax-exempt bond on behalf of Trinity Taunton Four Limited Partnership and the Taunton Housing Authority, which will use bond proceeds to build a 72-unit multifamily affordable rental housing facility in Taunton.

The new building, on the site currently known as Parcel 6A-2, is part of a two-phase project to replace the Fairfax Gardens public housing project with a total of 160 new units. Trinity Financial and the Taunton Housing Authority, the project’s sponsors, will build the facility using sustainable construction methods.

The building will be on a currently vacant parcel about one mile from the existing site, housing 41 one-bedroom units, 26 two-bedroom units, and five three-bedroom units. Bank of America purchased the bond.

In May 2011, the Taunton Housing Authority received a $22 million HOPE VI grant from the U.S. Department of Housing and Urban Development to redevelop Fairfax Gardens and the Parcel 6A site in Taunton. In total, HOPE VI funding will result in the development of 190 units of mixed-income housing, including 30 “Soft Second” loans for first-time homebuyers to promote home ownership in Taunton. The Massachusetts Department of Housing and Community Development also allocated both 9 and 4 percent federal low-income housing tax credits for the projects.