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CDFI Fund Director Highlights BCC’s SUN Initiative in Senate Testimony

Wednesday, May 25, 2011

On Wednesday, May 25th CDFI Fund Director Donna Gambrell appeared before the Senate Appropriations Subcommittee on Financial Services and General Government to discuss the CDFI Fund’s fiscal year 2012 Budget Request and the critical ways in which the CDFI Fund is promoting economic development efforts throughout the country. 

Boston Community Capital was one of two CDFIs highlighted for its innovative response to the foreclosure crisis.  Gambrell stated, "Boston Community Capital, a CDFI headquartered in Massachusetts, has developed a new Stabilizing Urban Neighborhoods initiative, where the CDFI partners with other organizations to buy foreclosed properties and sell them back to the original owners with a reduced mortgage payment, preventing displacement. As a result, low-income urban neighborhoods in Boston are at less risk of population loss due to unaffordable housing costs."
 
Read more of Gambrell's testimony here