Northern Bank Offers Assistance to Homebuyers Through FHLB Boston Program
Northern 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 $3.1 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 $11,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.
“We are pleased to be able to offer this assistance to help ease some of the challenges associated with a home purchase. Homeownership is key to building wealth and creating financial stability, and programs that assist homebuyers are a critical component in ensuring that our communities continue to thrive,” said Anthony C. Rizzo, Senior Vice President, Northern Bank.
Northern Bank is eligible to receive up to $110,000 in 2018 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $35 million in EBP funds assisting 3,150 income-eligible households to purchase a home.
To learn more about applying for assistance, please contact Donna Koulas, Assistant Vice President, (978) 689-5267, firstname.lastname@example.org.
About Northern Bank
Northern Bank is a state chartered full-service bank, headquartered in Woburn with assets in excess of $2 billion and 12 offices in communities throughout Middlesex County. Consistently ranked among the best performing community banks in New England and the U.S. Northern Bank is a Member of the FDIC and is an Equal Housing Lender. Online banking services are offered at nbtc.com.
About FHLB 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.