$6.8-Million Loan for Housing OKd

The Community Redevelopment Agency has approved a $6.8-million loan to help the First African Methodist Episcopal Church build a housing complex for low- and moderate-income families, said Peggy Hill, the director of the FAME Housing Corp.

Hill said the nonprofit development agency hopes to raise an additional $7.5 million for the $14.3-million project through a federal tax-credit program to encourage investors. She said FAME is negotiating loans with First Interstate Bank and New York-based City Bank to finance the project. “We have no doubt that we are going to get the loans,” Hill said. “We just don’t have a written commitment yet.”

The proposed 80-unit project at 3720 W. 27th St. will consist of two- and three-bedroom apartments and include a community room, a library, a child-care center and a 195-space underground parking lot, Hill said. Construction will begin in March and end by early 1994, she said.