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Created by state statute, the http://www.maldenredevelopment.com, a quasi-public agency, was established on October 8, 1958. On behalf of the City of Malden, the Agency administers the federal Community Development Block Grant program, oversees development in urban renewal areas, administers low-interest loan and mortgage programs for owners of residential and commercial properties, manages many public works improvement projects and oversees the off-street parking program in the downtown.