NEW YORK - In a move to help revitalize New York City's low-to- moderate-income neighborhoods, Carver Federal Savings Bank and J.P. Morgan Community Development Corp. last week closed a $4 million loan to Blakel Construction Corp. for the Bridge Street Manor Partnership Homes in the Bedford Stuyvesant section of Brooklyn.
Carver Federal, with $366 million of assets, has participated in loan pools with other banks, but this marks the first time with the J.P. Morgan Co. subsidiary.
The loan will fund the construction of 22 two-family homes developed under the New York City Housing Partnership New Homes Program for residents earning less than $53,000.
Carver is the lead lender for the project, providing $1.8 million. J.P. Morgan Community Development is lending $1.2 million, and New York State is extending an additional $660,000.