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Boston Community Capital plans to use a $25 million loan from East Boston Savings Bank to buy more than 75 properties and sell them back to owners in danger of losing their homes.
The nonprofit organization purchases homes, which are subject to mortgages in default or foreclosure, from banks at reduced market prices. It then resells the properties to the owners and issues new, more affordable 30-year mortgages. The organization has financed 270 properties for 381 families since late 2009.
Chief executive Elyse Cherry said the East Boston Savings Bank loan is unusual because it’s backed by the revenue from a collection of 160 mortgages issued by Boston Community Capital. She said the new commitment showed that the nonprofit’s real estate model is sustainable.
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