December 15, 2022

FHLBank Boston Announces 2022 Affordable Housing Funds

Federal Home Loan Bank of Boston (FHLBank Boston) awarded nearly $19.6 million in grants, loans, and interest-rate subsidies to support 32 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 929 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. 

“Through the Affordable Housing Program, we have been able to partner with member financial institutions to support the development and preservation of more than 35,000 affordable homes throughout New England since the AHP was created more than three decades ago. I am proud that the AHP funding awarded this year will lead to more low-cost housing options for the elderly, homeless, people with disabilities, and other vulnerable populations in the communities our members serve,” 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 go here.

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