Greenfield Cooperative Bank Offers Assistance to Homebuyers Through FHLBank Boston Programs
Greenfield Cooperative Bank has been selected to participate in Federal Home Loan Bank of Boston’s homeownership assistance programs, Equity Builder Program and Housing Our Workforce.
Equity Builder Program (EBP) provides grants to financial institutions to assist local income-eligible homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80% of the area median income are eligible to receive up to $29,000 in assistance on a first-come, first-served basis. Buyers are required to complete homebuyer education/counseling if they are a first-time homebuyer.
Housing Our Workforce (HOW) provides assistance to financial institutions to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments on owner-occupied primary residences. Borrowers can receive 10% of the home sales price or up to $25,000 in assistance on a first-come, first-served basis. Buyers are required to complete homebuyer education/counseling if they are a first-time homebuyer.
“These grant programs are designed to ease some of the challenges associated with a home purchase, particularly at a time when home prices have risen sharply and are beyond the reach of many individuals and families. We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities,” said Jane H. Wolfe, Senior Vice President of Residential Lending, Greenfield Cooperative Bank.
Greenfield Cooperative Bank is eligible to receive up to $350,000 in 2023 through the EBP and up to $260,000 through HOW depending on availability of funds.
To learn more about applying for assistance through these programs, please contact Missy Tetreault, Vice President of Mortgage Origination at 413-773-6180, or Kimberlee Gates, Mortgage Originator at 413-322-7116.