TAUNTON, MASSACHUSETTS: Mechanics Cooperative Bank has once again been selected to participate in the 2019 Federal Home Loan Bank of Boston’s Equity Builder Program. This program offers members grants to provide down-payment, closing-cost, and rehabilitation assistance and homebuyer counseling to households with incomes at or below 80 percent of the area median income.
Steven Borgerson, Vice President, Residential Mortgage and Consumer Lending at Mechanics Cooperative Bank said “Affordable housing is a critical issue for Massachusetts’ residents since the gap in what the average income can afford versus the average home price is currently at its largest spread. Programs such as Mass Housing Partnership’s One Mortgage program being offered by Mechanics Cooperative Bank combined with the FHLB’s Equity Builder Down Payment Assistance Program make home ownership possible for hundreds of first time home buyers in New England. And we are proud to help.”
With a total budget of $3.6 million borrowers are eligible to receive up to $15,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program. Since 2003, through the Affordable Housing Program, the EBP has awarded more than $38.5 million in funds assisting over 3,400 income-eligible households to purchase a home.
Joseph T. Baptista, Jr., President and CEO of Mechanics Cooperative Bank said “We are very excited to be able to offer this Program aimed at assisting our local residents with purchasing their home. Homeownership is key to building a strong community and helps to create financial stability – these programs are a critical component to ensuring the path to home ownership is attainable and affordable for all.”
Mechanics Cooperative Bank is eligible to receive up to $150,000 in 2019 through the Equity Builder Program depending on availability of funds. To learn more about applying for assistance, please contact Steve Borgerson at 1-888-MECHANICS (632-4264).
About FHLB Boston
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.
About Mechanics Cooperative Bank
With total assets over $574 million, Mechanics Cooperative Bank offers a wide variety of personal and business deposit and loan products. As a Massachusetts co-operative bank, 100% of customers’ deposits are always fully insured. Established in 1877, Mechanics Cooperative Bank is Massachusetts’ second-oldest co-operative bank with eight conveniently located branches in Bridgewater, Taunton, North Dighton, Somerset, Swansea, Fall River and Westport. For more information, call 1-888-MECHANICS (632-4264) or visit Mechanics-Coop.com. Member FDIC. Member SIF. Equal Housing Lender.