BOSTON (CBS) – The Mattapan Community Development Corporation has filed for Chapter 11 bankruptcy, after one of it’s largest mortgage lenders, OneUnited Bank, began foreclosure proceedings.
The Mattapan CDC operates 24 units of affordable housing.
WBZ NewsRadio 1030’s Anthony Silva reports
Board member Bill Owens says the CDC is underwater with all its properties. He says they’re hoping to restructure, and pay off all their creditors.
Owens says the Mattapan CDC asked OneUnited on several occasions to help them, and they refused. He says the group is hopeful of saving its properties through the filing.
Owens says the Mattapan CDC has dramatically cut its staff, and laid off Interim Executive Director Michelle Ward.