Third Federal Savings and Loan Association of Cleveland, which has been financing new homes for 60 years, is now developing them - to help revitalize its rundown neighborhood.

Three single-family homes are under construction, and ground will be broken for another in a few days. Plans for a half-dozen townhouses are also in the works, and additional houses will be built as property becomes available, said Marc A. Stefanski, chairman and chief executive officer of the $6.2 billion-asset thrift.

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