TAUNTON, MA (April 9, 2024) — Mechanics Cooperative 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 aid 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 are designed to ease some 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 & CEO of Mechanics Cooperative Bank.
Mechanics Cooperative 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, please contact Mechanics Cooperative Bank at 1-888-MECHANICS (632-4264)
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.
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About Mechanics Cooperative Bank:
With total assets of $744 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.
