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St. Mary’s Credit Union approved to participate in Federal Home Loan Bank program

St. Mary's Credit UnionMarlborough – St. Mary’s Credit Union has been notified of its approval to participate in the 2015 Equity Builder Program by the Federal Home Loan Bank (FHLB). The Equity Builder Program provides grants to households with incomes at or below 80 percent of the area median income with down-payment, closing-cost, home-buyer counseling, and rehabilitation assistance.

Grants are available up to $11,000 and they are available to eligible households on a first-come, first-served, homebuyer-by-homebuyer basis until the credit union’s enrollment authority, or the pool, is exhausted. The maximum amount is not guaranteed.

Melissa Eagles, vice president of real estate lending, noted that St. Mary’s Credit Union has participated in this program in the past.

“This is a great program to make home ownership affordable to low income families within our communities,” she said.

Grants are funded by a percentage of the FHLB’s annual Affordable Housing Program subsidy.

For information about the Equity Builder Program, contact a St. Mary’s representative at 508-490-8002 or toll free 866-585-SMCU (7628).

 

Short URL: http://www.communityadvocate.com/?p=60621

Posted by on Mar 31 2015. Filed under Business, Byline Stories, Marlborough. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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