HUDSON – Avidia Bank was recently selected to participate in Federal Home Loan Bank of Boston’s homeownership assistance programs, Equity Builder Program and Housing Our Workforce.
“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,” said Avidia Bank Executive Vice President of Consumer Banking Don Frost. “We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities.”
The Equity Builder Program provides grants to financial institutions to help local homebuyers who are income eligible with their down payment and closing costs in addition to homebuyer counseling and rehabilitation assistance.
Under this program, borrowers who earn 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.
The second program, Housing Our Workforce, provides assistance to financial institutions to help local homebuyers who earn more than 80% and up to 120% of the area median income with their down payments on owner-occupied primary residences. Under the program, borrowers will be able to receive 10% of the home sale price or up to $25,000 in assistance on a first-come, first-served basis.
First-time homebuyers are required to complete homebuyer education/counseling.
Avidia Bank is eligible to receive up to $350,000 this year through the Equity Builder Program and up to $260,000 through the Housing Our Workforce program depending on the availability of funds.
To learn about applying for assistance through these programs contact Avidia Bank’s residential lending team at 800-508-2265. Member FDIC l Member DIF l Equal Housing Lender l NMLS# 422902.
