HAVERHILL, Mass. (March 23, 2021)— Haverhill Bank has been selected to participate in Federal Home Loan Bank of Boston’s (FHLBank Boston) Housing Our Workforce program.
Housing Our Workforce offers assistance to FHLBank Boston financial institution members 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.
The $2.5 million program offers a one-to-one match of down payments made at the time of purchase by eligible homebuyers. Borrowers can receive up to $10,000 in assistance on a first-come, first-served basis.
“This program is designed to help homebuyers who may not qualify for other homeownership assistance programs because they have slightly higher incomes. Through this program, a greater number of working individuals and families can afford housing in communities where home prices have been rising steadily,” said Haverhill Bank President and CEO Thomas L. Mortimer.
Haverhill Bank is eligible to receive up to $100,000 in 2021 through Housing Our Workforce program depending on availability of funds. To learn more about applying for assistance, contact a mortgage originator at (978) 374-0161.
About Haverhill Bank
A depositor-owned institution, Haverhill Bank was founded in 1877 and is the oldest cooperative bank in Massachusetts. The bank’s Main Office is at 180 Merrimack St. in Haverhill. Haverhill Bank also maintains offices at 163 South Main St., 1094 Main St., Haverhill High School, Whittier Regional Vocational Technical High School, 6 West Main St., Merrimac, 281 Main St., West Newbury, and 396 Main St., Salem, N.H.
About Federal Home Loan Bank of 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.