In 2002, 79 members applied to the Federal Home Loan Bank of Boston for $409.6 million in Community Development advances (CDAs). They will use the low-cost funding to support affordable-housing, economic-development, and mixed-use initiatives — ranging from capital for small businesses, to fixed-rate financing for housing, to funding for infrastructure improvements.

Now, it's easier, more convenient, and more efficient to apply for a CDA.

Through FHLB Direct, the Bank's online transaction and information service, users can create and submit CDA applications with just a few clicks of a mouse. Because each type of initiative has its own application, the process is far more streamlined. If an applicant forgets to include a necessary piece of information, FHLB Direct will prompt him or her to add it before the application is submitted for approval — reducing follow-up calls from Bank staff.

The online application also allows a user to choose from a list of contacts at his or her institution and to add new contacts and save them for future use. Users can also choose from an existing list of sponsor/borrower contacts or add new sponsor/borrower contacts.

There's no need to get bogged down in printing and mailing paper exhibits, such as public-relations and marketing materials, to accompany an application. Applicants can just browse their computers to attach the appropriate electronic files. Of course, applicants can still submit paper exhibits, if necessary.

FHLB Direct gives users 10 days to complete and submit an online CDA application, allowing them to save applications as drafts. Submitted applications are reviewed within 10 days, at which time the Bank's Housing and Community Investment staff will contact applicants via e-mail.

To access the new online application or for more information about the Bank's Community Development advances, members should contact Paulette Vass, Community Development advance manager, by phone, at 617-292-9792, or by e-mail, at paulette.vass@fhlbboston.com.