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BRIDGEPORT, CT-Community Preservation Corp., a nonprofit mortgage lender based in New York City is entering the Connecticut market by providing a $6-million construction loan for the Lofts 881 condo project here.

CPC, which has invested more than $6 billion in multifamily housing projects in New York and New Jersey, announced its involvement in the affordable housing venture recently. No terms of the loan were released.

The project, being developed by E/N Properties of Stamford, involves the conversion off the former 88 Lafayette Blvd. office building into 38 loft condominium apartments with two ground level retail spaces. The five-story brick building will be gut rehabilitated with all new systems, roof, windows and finishes. Among the amenities in the condominium loft apartments will be exposed brick, hardwood floors, maple cabinets, granite countertops, stainless steel appliances and slate tile bathrooms. The apartments will be priced from $179,000 to $399,000 with four affordable units priced from $90,000 to $95,000. Construction on the building reuse has already begun, a spokesman for CPC says.

The City of Bridgeport is committing $350,000 in HOME funds that are allocated to the city by the US Department of Housing and Urban Development for affordable housing projects. The infusion of HOME funds will provide four affordable units to households earning less than 60% of the area median income. The city will conduct a public lottery to select buyers for the four HOME assisted funds, CPC officials say.

Bridgeport Mayor John Fabrizi termed the Lofts 881 project “another significant milestone” in the revitalization of Downtown Bridgeport and particularly for the area around Housatonic Community College, which is undergoing a multimillion-dollar expansion. The mayor adds, “Together we will turn a formerly vacant property into an active and vibrant residential building that will provide first time homeownership opportunities to low and moderate income individuals interested in becoming a part of Bridgeport’s downtown renaissance.”

The New Boston Fund is also providing, through its Urban Strategy America Fund, a $1.39-million mezzanine” loan. The Urban Strategy America Fund was created to help developers purchase and redevelop properties in urban areas.

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