To apply for a Community Development advance, members must submit an online application.

Limits on Advances
Each member has a Community Development advance limit that is equal to the greater of: $10 million; 100 percent of the member's average amount of capital stock held in the previous year; or 15 percent of the member's average balance of advances outstanding in the previous year.

The Federal Home Loan Bank of Boston reserves the right to limit the total amount of Community Development advances available or to limit the amount of Community Development advances available per member.

Disbursement
Members must take down a Community Development advance within 12 months of the date of approval, unless the application included an approved request for a longer take-down period.

Take-Down
Taking down a Community Development advance is simple. Once a member's application is approved, the member calls our Money Desk to take down the funds.

Forward Rate Commitment
To guard against rising interest rates, members may purchase a forward rate commitment to lock in the current rate for disbursement on a future date. Members may call our Money Desk for pricing information on forward rate commitments.

Extensions
Approvals for Community Development advances expire 12 months from the date of approval, unless a longer take-down period is approved.

If a member is unable to take down a Community Development advance within the specified take-down period, the member may submit a written request for an extension. Requests for extensions will be considered on a case-by-case basis.

Spread
When making a loan using the funds from a Community Development advance, the member's spread on the loan may not exceed its standard spread on similar loans.

Reporting
The Federal Home Loan Bank of Boston does not require annual reporting on a Community Development advance, but it does reserve the right to monitor compliance with the certifications made in the application for the advance.