The Federal Home Loan Bank of Boston awarded more than $37.5 million in grants, loans and interest-rate subsidies to support 42 affordable housing initiatives in New England.
These projects, funded in part through FHLBB’s Affordable Housing Program, will create or preserve 1,201 rental and ownership units for individuals and families earning up to 80 percent of the area median income. As part of this funding round, Massachusetts received more than $5.6 million for 235 affordable units of rental and ownership housing throughout the state.
The funds were awarded to projects through financial institutions in the region that are members of FHLBB.
“Our strong partnerships with member financial institutions enable us to help address affordable housing in our communities while also spurring job creation and fostering economic development throughout the region,” Edward A. Hjerpe III, FHLBB president and CEO, said in a statement. “We are pleased to be able to make this funding available to help create housing for some of the most vulnerable members of our community.”
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. The funds awarded in this round were provided to the following financial institutions in support of a wide range of initiatives in the following communities:
- Boston (Roxbury) – Citizens Bank
- Boston (Downtown) – Eastern Bank
- Dennis – Cape Cod Five Cents Savings Bank
- Framingham – Boston Private Bank & Trust Co.
- Malden – Century Bank & Trust Co.
- Northampton – Easthampton Savings Bank
- Southampton – Pittsfield Co-Operative Bank
- Spencer – Rollstone Bank & Trust
- Stow – Workers’ Credit Union
- Westford – Eastern Bank
