Homefield Credit Union in North Grafton, Mass., will be able to offer first-time homebuyers assistance with down payments and closing costs for the second consecutive year through the Equity Builder Program with the Federal Home Loan Bank of Boston.
The $135 million-asset credit union was approved by FHLB Boston for up to $150,000 in funding, Homefield said Tuesday. Income-eligible members can received grants of up to $15,000 and assistance can come in the form of everything from down payments to closing costs to rehabilitation.
Last year, FHLB allocated $110,000 to Homefield, with a maximum of $11,000 per household. Income-qualified members must use the funds from the federally-sponsored program on housing units that they will occupy as their primary residence.
Lloyd Hamm, president and chief executive of Homefield, which has 10,000 members, said the credit union operates in a diverse economic community with many income-qualified people.
"By being an approved institution with the Federal Home Loan Bank's program, we can now provide the help they need," Hamm said in a press release. "We're thrilled to be able to do that and we know that while the immediate impact will be on the new homeowners, the community will also benefit by the increased home ownership and all the positive aspects that placing permanent roots in the community brings."
