December 22, 2021
FHLBank Boston Awards $19.4 Million for Affordable Housing
Federal Home Loan Bank of Boston (FHLBank Boston) awarded approximately $19.4 million in grants, loans, and interest-rate subsidies to support 30 affordable housing initiatives in New England and beyond. These projects, funded in part through FHLBank Boston’s Affordable Housing Program (AHP), will create or preserve 1,216 rental and homeownership units for individuals and families earning up to 80% of the area median income.
More About Our AHP Awards
The funds were awarded to projects through financial institutions in the region that are members of FHLBank Boston.
“Housing affordability continues to be a critical issue in many New England communities, making it difficult for individuals and families to secure safe and stable housing. We are proud that we are able to partner with our member financial institutions to help address this issue and create and preserve homes for those in the community who are most vulnerable,” said FHLBank Boston President and Chief Executive Officer Timothy J. Barrett.
The grants and loans will be used to help pay construction, acquisition, or rehabilitation costs. Member financial institutions work with local developers to apply for funding, which is awarded through a competitive scoring process.
For details on each housing initiative, please visit here.