Boston Business Journal Features BCC in “Nonprofit already reducing mortgage principal”

Friday, March 16, 2012

Boston Community Capital was featured in the Boston Business Journal article, “Nonprofit already reducing mortgage principal.”  The article, written by reporter Mary Moore, discusses BCC and its SUN Initiative which helps homeowners facing foreclosure remain in their homes, reducing their mortgage principal by about 40%.  Moore writes: 

“A complex financial institution with many ventures under its umbrella and $700 million under management, Boston Community Capital Corp. buys foreclosed properties from banks and resells them to the original owners with smaller mortgages that carry principal payments owners can afford.”

“The initiative adds another layer to a complex nonprofit that operates about 30 affiliated entities — most nonprofit, some for-profit – that works locally and nationally. Certified by U.S. Department of the Treasury as a community development financial institution, Boston Community Capital, started in the mid-1980s, makes loans for affordable housing development, child care centers, schools and the like.”

Read the article here