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Affordable Housing
Equity Builder Program
Community Development Advances
New England Fund
Jobs for
New England
Helping to House
New England
Housing Our Workforce
Other Programs
Housing & Economic Growth – Overview

Financial institutions are vital community resources in creating broadly based opportunities for families and individuals to have adequate housing and vibrant, productive communities. Through services to such institutions located throughout New England, the Bank pursues its mission of facilitation and enhancing the availability of credit for housing and economic growth, including the housing finance and neighborhood development needs of low- and moderate-income families in communities served by our member institutions.

To accomplish its mission, the Bank prudently and effectively utilizes private-sector capital to provide members and other qualified customers with reliable access to low-cost wholesale funds, liquidity, and competitive outlet for the sale of loans, special lending programs, education and technical assistance, and other products and services. The Bank offers its members the following options for funding affordable housing and economic development:

Affordable Housing Program

The Affordable Housing Program (AHP) supports the Federal Home Loan Bank of Boston's efforts to address, in partnership with member institutions, the affordable-housing needs of communities across New England. A portion of the Bank's earnings funds the program, which awards grant and low-interest advances, or loans, through member institutions. The program provides financing for homeownership and rental housing for households with incomes at or below 80 percent of the median income for the area.

Equity Builder Program

The Equity Builder Program (EBP) offers members grants to provide households with incomes less than 80 percent of the area median income with down-payment, closing-cost, home-buyer counseling, and rehabilitation assistance. Members can also use EBP grants to match eligible buyers' savings. The EBP is funded by a percentage of the Bank's annual AHP subsidy.

Community Development Advance Program

Whether a community needs capital for small business, fixed-rate financing for affordable housing, or improvements to local roads or schools, members can turn to the Federal Home Loan Bank of Boston's Community Development Advance Program. These advances, which are subject to specific income limits, are available through two separate application options that help support community development activities: CDA Extra and CDA.

New England Fund

The New England Fund (NEF) provides member financial institutions with advances to support housing and community-development initiatives that benefit moderate-income households and neighborhoods. The NEF serves a broader range of moderate-income households than the Bank's Community Development Advance and provides special flexibility for mixed-income residential development.

Jobs for New England

The Jobs for New England program (JNE) is dedicated to supporting job growth and economic development throughout New England by providing subsidized advances to participating members. Advance subsidies can be used by members to write down interest rates on Classic Advances to finance qualifying small business loans.

Helping to House New England

The Helping to House New England program (HHNE) is a three-year, $15 million subsidy program dedicated to expanding affordable rental and homeownership financing through the six New England Housing Finance Agencies. HHNE will provide up to $5 million per year through 2021 on an estimated per-capita basis to each of the New England HFAs. The subsidy will be used to write down interest rates to zero percent on Classic advances, support bond purchases, or as a grant, for the purpose of expanding affordable rental and homeownership initiatives.

Housing Our Workforce

Through our members, Housing Our Workforce (HOW) offers matching grants to assist homebuyers earning more than 80 percent and up to 120 percent of the area median income with down payments on owner-occupied primary residences. HOW is designed to assist borrowers who are essential to the long-term economic vitality of our communities but may not meet the income eligibility requirements of other homeownership assistance programs, including FHLBank Boston’s Equity Builder Program. The program is a component of our Helping to House New England initiative.

Targeted Community Lending Plan
Products and Solutions Guide
Forms and Applications
Advisory Council