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The Boston Globe

Business

$25 million loan aimed at saving homes

Nonprofit buys houses, resells them to owners; group’s loan portfolio backs bank funding

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 that have mortgages in default or are subject to 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.

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