TAUNTON, MASSACHUSETTS: Mechanics Cooperative Bank has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
The $3.1 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $11,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.
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 qualified home purchases. Homeownership is key to building a strong community and helps to create financial stability – and these programs are a critical component to ensuring the path to home ownership is attainable and affordable.
Mechanics Cooperative Bank is eligible to receive up to $110,000 in 2018 through the Equity Builder Program depending on availability of funds. Since 2003, the Equity Builder Program has awarded more than $35 million in EBP funds assisting 3,150 income-eligible households to purchase a home.
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 $570 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.