Taunton, MA — Mechanics Cooperative Bank has been selected to participate in Federal Home Loan Bank of Boston’s homeownership assistance programs, Equity Builder Program and Housing Our Workforce.
Equity Builder Program (EBP) provides grants to financial institutions to assist local income-eligible homebuyers with down-payment 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 $29,000 in assistance on a first-come, first-served basis. Buyers are required to complete homebuyer education/counseling if they are a first-time homebuyer.
Housing Our Workforce (HOW) provides assistance to financial institutions to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments on owner-occupied primary residences. Borrowers can receive 10% of the home sales price or up to $25,000 in assistance on a first-come, first-served basis. Buyers are required to complete homebuyer education/counseling if they are a first-time homebuyer.
“These grant programs are designed to ease some of the challenges associated with a home purchase, particularly at a time when home prices have risen sharply and are beyond the reach of many individuals and families. We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities,” said Joseph T. Baptista, Jr, President and CEO of Mechanics Cooperative Bank.
Mechanics Cooperative Bank is eligible to receive up to $350,000 in 2023 through the EBP and up to $260,0000 through HOW depending on availability of funds. To learn more about applying for assistance through these programs, please contact the Bank at 1-888-MECHANICS (632-4264) and ask to speak with a mortgage loan officer.
About FHLBank 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 of $650 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 nine conveniently located branches in Bridgewater, Taunton, North Dighton, Somerset, Swansea, Fall River, Westport and New Bedford. For more information, call 1-888-MECHANICS (632-4264) or visit Mechanics-Coop.com. Member FDIC. Member DIF. Equal Housing Lender.