BCC Recognized as a Leading National CDFI: Selected as Semi-Finalist for Wachovia NEXT Awards
The Wachovia NEXT Awards for Opportunity Finance, in partnership with the John D. and Catherine T. MacArthur Foundation, has selected BCC as a semifinalist to be one of two U.S.community development financial institutions (CDFIs) that will share in $8.25 million in
grants and awards from a new awards program offered by the Opportunity Finance Network, and sponsored by The Wachovia Foundation and the John D. and Catherine T. MacArthur Foundation.
Mark Pinsky, president and CEO of the Philadelphia-based Opportunity Finance Network,
said: “BCC embodies the type of high-potential CDFI that the Wachovia NEXT
Awards for Opportunity Finance was designed to propel to a next level of
growth, success, and staying power with a major one-time infusion of capital.”
For the full press release, click here.
BCC on TV and the Web
City Fresh, a portfolio company of Boston Community Venture Fund, was just profiled on PBS's NOW. Click here to see the segment, titled "Meal Plan," which includes an interview with BCC's CEO, Elyse Cherry.
Elyse Cherry also recently sat down for a podcast on Ethical Investing and Globalization with The Christian Science Monitor's Laurent Belsie. Click here to watch or download the video.
BCC Recognized as National Leader in Anti-Predatory Lending Practices
This June, Boston Community Capital was recognized by the Calvert Foundation as one of five “U.S. leaders in promoting affordable housing/responsible lending solutions to help thwart predatory lending and mortgage foreclosures.”
Calvert Foundation Executive Director Shari Berenbach said: “As the heavy toll of predatory lending and mortgage foreclosures ravage communities across New England and the nation, Boston Community Capital and its affiliate Aura Mortgage are national leaders in the neighborhood-by-neighborhood fight to promote more affordable housing and squeeze out predatory lenders. We are pleased to recognize their work."
Read the press release.
BCC Launches Aura Mortage Advisors to Combat Predatory Lending
 More than two million sub-prime home loans made in recent years have already failed or will end in foreclosure, costing homeowners as much as $164 billion. One out of five sub-prime mortgages originated during the past two years will end in foreclosure. Moreover, the current statistics appear to be the tip of the iceberg as billions of dollars in adjustable rate mortgages are now resetting in a higher interest rate environment. These issues have a disproportionate impact on low-income communities, affecting not only individuals who fall prey to predatory lenders but also their neighbors as increasing foreclosures lower property values.
To address these issues, Boston Community Capital has been actively involved in working with a cross section of companies, individuals and policy makers across the Commonwealth of Massachusetts in a multi-pronged strategy that addresses the programmatic, policy and legislative challenges that create a climate that has allowed predatory lenders to operate. This May, we are proud to launch a new venture that we believe is one component of the solution – Aura Mortgage Advisors, LLC, a mortgage brokerage business designed with low-income individuals and communities in mind. Through this non-profit BCC affiliate, we will introduce consumers in low-to-moderate income communities to a smarter way to buy their home.
Learn more at the Aura Mortgage Advisors website.
Read the press release.
BCC and Partners Receive $5 Million Grant from Massachusetts Technology Collaborative Renewable Energy Trust
This summer, the Massachusetts Technology Collaborative's Renewable Energy Trust Program announced that Boston Community Capital has been awarded a $5 million grant in connection with the organization's Green Affordable Housing Initiative. Boston Community Capital, in partnership with Massachusetts Housing Partnership, New Ecology, Inc. and Urban Habitat Initiatives, will use the grant funds
to create a replicable model for the financing of affordable housing that incorporates renewable energy, energy efficiency and green design.
For the Energy Advantage Program RFQs and more information, please click here. To view the first round of Q&As (released September 12th, 2007) for the Energy Advantage Program RFQs, please click here.
Read more about BCC's Energy Advantage Program and Green Building Production Network.
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