The first mention of the village of Lypa, where the Church of the Ascension of the Lord is located, dates back to 1464. The eponymous Lypa stream with a waterfall (2 m) flows through the village.
The local church was first mentioned in the records of the Diocese of Lviv in 1708. In 1728, a new wooden church was built instead of the old one. In 1832, the building was renovated, in 1901 it was dismantled to construct a modern church during 1901–1902. Until World War II it was a filial church of the mother church in the village of Sloboda-Bolekhivska.
In the early 1990s, the building was renovated and the exterior walls covered with wooden wall panels. In 2018, the two-year interior renovation was completed.
The church is built in the midst of the village, on the slope of a high hill with long stairs leading up from the road. It is small, cross-in-square single-domed building.
Now it is a functioning church that belongs to the UGCC
Architectural monument of national importance.