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BOSTON-The city is creating a $40-million fund to bridge loans for stalled development projects, according to a report by the Boston Business Journal. Mayor Thomas Menino announced this idea Tuesday morning, explaining that the infusion will come from the federal Department of Housing and Urban Development and will be called “Boston Lives”.

The money would be used to help complete project caught in limbo after the financial downturn, such as the Filene’s site downtown. The money, available in roughly four months, will only be used for projects that are ready to break-ground, not developments that have not even begun yet.

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