National Journal Names SUN One of 10 Most Innovative Homeownership Programs
In National Journal's "This is How You Remove the Roadblocks to Homeownership", economic and domestic policy correspondent Nancy Cook lists Boston Community Capital's Stabilizing Urban Neighborhoods (SUN) Initiative as one of the "most innovative" approaches to helping low-income people become, and remain, homeowners. SUN is one of ten homeownership programs in the nation to make Cook's list.
"Many of the best policy ideas for encouraging homeownership involve tackling some of the smaller roadblocks. These approaches [like SUN] help to give more people access to the housing market by building up credit or providing alternative ways of evaluating creditworthiness.
SUN is a program run by Boston Community Capital, a nonprofit community-development financial institution. When homeowners are going through the various stages of foreclosure, BCC will buy their [property]; resell it back to the residents with a new, 30-year fixed mortgage; and allow them to reduce their monthly payments. Residents also must establish a rainy-day fund to help pay for any major repairs or to cover the mortgage during future financial hardships."
SUN "tackles a roadblock" by providing a second chance to underwater homeowners facing foreclosure, partnering with them to stabilize their homes and neighborhoods hard hit by the foreclosure crisis. Since its inception, SUN has prevented the eviction of over 500 families in Massachusetts, Maryland, Rhode Island and Illinois, and has lowered client's mortgages by an average of 38%.