One day after Boston Community Capital announced its $25 million expansion deal with East Boston Savings Bank, The Boston Globe, Boston Business Journal, Boston Herald, and HousingWire all ran articles highlighting the announcement.
The deal is the first of its kind and will support BCC’s SUN Initiative foreclosure relief work. The investment will also provide BCC with the opportunity to expand the program in Massachusetts and beyond, working with partners in other states hit hard by foreclosures.
In exchange for the new investment, East Boston Savings Bank will receive a consistent stream of revenue from mortgages held by BCC, as homeowners in the SUN Initiative pay off their fixed-rate mortgages over the next 30 years.
Read the articles here: The Boston Globe, Boston Business Journal, Boston Herald, and HousingWire.