It was often disappointing during the long housing boom to see the affordable housing stock continue to dwindle even as CDCs continued to build more supply. In a somewhat similar vein, one of the frustrations of the foreclosure crisis has occurred to me as I watch creative some non-profits get hold of foreclosed properties, spend money to make them livable, and make them available to people who need affordable units. What about the people who lived in those foreclosed units and in many cases lost their homes because of the shady practices of predatory lenders? What happens to them?
A story in today’s Boston Globe notes that some non-profits are helping the very people who were foreclosed on to move back into their old houses. Boston Community Capital is working as an intermediary between banks looking to unload their foreclosed homes and the same people they foreclosed on in the first place.
It makes a lot of sense. Hopefully we’ll see more stories like this.