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No Place Like Home
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Business New Haven
6/9/2003
By: BNH
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NEW HAVEN - Residents of the West Street Cooperative are returning as homeowners, not renters, with the closing of a $1.6 million loan from the NCB Development Corp. (NCBDC), a Washington, D.C.-based non-profit. Four years ago NCBDC agreed to a permanent loan to secure construction funding for the West Street Housing Corp., and affordable housing cooperative in the Hill neighborhood.
The West Street cooperative provides 65 three- or four-bedroom townhouses as well as community and office space. Constructed in 1984 as a for-profit rental project with HUD financing, the property was neglected by its owner and HUD foreclosed in 1998. Residents purchased the property as a cooperative, and selected Regan Development Corp. to develop the property.
In addition to NCBDC's $1.6 million loan, a HUD grant of $1.8 million and a city HOME grant of $950,000 made the $4.5 million undertaking feasible.
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