North Shore Bank has been selected to participate in the Federal Home Loan Bank of Boston’s
Equity Builder Program
, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
The $3.6 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $15,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.
Joanne Donovan, Vice President and Residential Sales Manager for North Shore Bank, said:
Homeownership is not easily attainable for many households, so we are pleased to offer this assistance to help individuals and families purchase a home. Homeownership helps build wealth and create financial stability, and programs that assist homebuyers can be effective in adding to the vibrancy of our communities.
North Shore Bank is eligible to receive up to $150,000 in 2019 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $38.8 million in EBP funds assisting 3,512 income-eligible households to purchase a home.
To learn more about applying for assistance, please contact North Shore Bank at 978-573-1300 during normal operating hours.
About FHLBank Boston
The Federal Home Loan Bank of Boston
is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.