In a first of its kind deal, Boston Community Capital, a non-profit community development financial institution, has secured a new investment of $25 million in its Stabilizing Urban Neighborhoods (SUN) Initiative. The investment is backed by a pool of mortgages SUN has made to homeowners who were facing foreclosure. The expansion demonstrates that new, fair market loans to defaulting and foreclosed homeowners can work for lenders and keep homeowners in their homes. The Opportunity Finance Network made an early investment in the SUN initiative through a NEXT Award supported by Wells Fargo and MacArthur.
