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PATERSON, NJ-The Community Preservation Corp., a not-for-profit mortgage lender, has provided New Horizon Joint Venture with a $1.8-million loan to develop six low-income, two-family homes in the fourth ward here. The homes will be located on three vacant sites on Summer St., Hamilton St. and 12th Ave. The sites are close to Paterson's downtown business district, the New Jersey Transit train station and Passaic County Community College. The three-bedroom, 1,125-sf homes will be sold for an average price of $385,000.

"Our goals at CPC are to encourage home ownership and the revitalization of urban areas," says CPC VP and regional director Annemarie Uebbing in a company statement. "This project meets both of those targets and provides a much-needed improvement in Paterson's fourth ward." The fourth ward was declared an area in need of redevelopment in 2002. A redevelopment plan for the area, which calls for the development of residential, for-sale housing was adopted in late 2003.

Since its inception in 1974, CPC has provided nearly $7 billion in public and private debt to low, moderate and middle-income markets in New York and New Jersey. They recently expanded their operations to Connecticut. CPC has worked with New Horizon Joint Venture on a number of projects, including eight additional two-family homes in the fourth ward.