Menino unveils program to help developers

(Aug. photo of Filene's block: Essdras M. Suarez/Globe staff)

Boston Mayor Thomas M. Menino announced the creation of a new $40 million loan program designed to aid stalled development projects across the city.

The program, to be called Boston Invests, will help provide federal loans to developers within the next four months, said Menino, who unveiled the program in a speech this morning to the Greater Boston Chamber of Commerce.

"While others are settling for the status quo, we will stimulate growth," Menino said. "We're going to put people to work, move projects forward, and generate returns on our investments."

In discussing the new program with reporters, Menino said he has not yet identified projects that could receive the money, but he mentioned that a stalled effort to redevelop the Filene's block in Downtown Crossing (see photo above) might be a likely candidate. To read an earlier Globe story on that project, please click here.
(By Casey Ross, Globe staff)