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South Shore Bank has been approved to participate in Federal Home Loan Bank of Boston’s homeownership assistance programs, Equity Builder Program and Housing Our Workforce. Both programs provide assistance to income-eligible homebuyers who are purchasing one- to four-family homes that will serve as their primary residence.
Equity Builder Program (EBP) provides grants to financial institutions to help local first-time homebuyers with down payments and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80% of the area median income are eligible to receive up to $30,806 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling.
Housing Our Workforce (HOW) enables financial institutions to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments and closing costs. Borrowers can receive 10% of the home sales price or up to $25,000 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling if they are a first-time homebuyer.
"These grant programs have been designed to alleviate challenges associated with purchasing a home, especially during times of steeply rising home prices that are out of reach for many individuals and families. We are excited to be part of this initiative to assist potential homebuyers, while also contributing to the financial stability and prosperity of our communities," said Jim Dunphy, CEO, South Shore Bank.
South Shore Bank is eligible to receive up to $350,000 through the EBP and up to $260,0000 through HOW depending on availability of funds in 2024.
To learn more about applying for assistance through these programs, visit southshorebank.com or call 781.682.3715.
Equity Builder Program (EBP) provides grants to financial institutions to help local first-time homebuyers with down payments and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80% of the area median income are eligible to receive up to $30,806 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling.
Housing Our Workforce (HOW) enables financial institutions to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments and closing costs. Borrowers can receive 10% of the home sales price or up to $25,000 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling if they are a first-time homebuyer.
"These grant programs have been designed to alleviate challenges associated with purchasing a home, especially during times of steeply rising home prices that are out of reach for many individuals and families. We are excited to be part of this initiative to assist potential homebuyers, while also contributing to the financial stability and prosperity of our communities," said Jim Dunphy, CEO, South Shore Bank.
South Shore Bank is eligible to receive up to $350,000 through the EBP and up to $260,0000 through HOW depending on availability of funds in 2024.
To learn more about applying for assistance through these programs, visit southshorebank.com or call 781.682.3715.