Elyse Cherry in The New York Times: "Persistent Housing Crisis Stifles American Dream and Economy"
Today's New York Times "Room for Debate" posed the question: "Homeownership at 50-Year Low — So What?"
BCC CEO Elyse Cherry penned a response, "A Persistent Housing Crisis Stifles the American Dream and Economy", highlighting that the dream of homeownership is still out of reach for many Americans — particularly for homeowners that are facing foreclosure or toiling to support a "bubble-era" mortgage on stagnant incomes. Cherry taps principal reduction as the best path towards stabilizing our communities threatened by foreclosure and eviction in the persistent housing crisis. She writes:
"We need to use all the tools we have to help more Americans build wealth. That means expanding access to principal reduction for all underwater homeowners... Increasing the number of homeowners in America will strengthen our communities and our economy. We have to attack the problem with solutions that work. That’s why principal reduction needs to be our go-to fix, not an afterthought."
- Read the full piece here on The New York Times "Room for Debate" page.
- Learn about Boston Community Capital's Stabilizing Urban Neighborhoods (SUN) Initiative, a unique foreclosure relief program that uses principal reduction to help homeowners facing foreclosure repurchase their homes with mortgages that they can afford.