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Brad Krevoy and Steve Stabler’s Motion Picture Corp. of America has signed a three-year, non-exclusive, first-look deal with Paramount Pictures.

Under the agreement, which took effect Nov. 1, MPCA will fund its own development and overhead costs while Paramount will fully finance production costs on projects mutually agreed upon by MPCA and the studio, according to sources.

The deal gives Paramount a new production source for low-budget youth-oriented comedies and action adventures.

MPCA has a track record of producing profitable, low-cost films such as the Jim Carrey-starrer “Dumb and Dumber,” which cost $20 million and grossed $127 million domestically.

Upcoming films from MPCA include Eric Schaeffer’s “If Lucy Fell,” to be released by TriStar; “Bio-dome”; and Kevin Spacey’s directing debut, “Albino Alligator,” distributed by Miramax.