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The Federal Home Loan Bank of
Boston's Equity Builder Program (EBP) offers members
grants to provide households with incomes at or
below 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 under an IDA-type program.
The EBP is funded by a percentage
of the Bank's annual Affordable
Housing Program subsidy.
How the EBP Works
Member institutions must first apply to participate
in the EBP. In order to participate, members' home-buyer
programs must meet EBP eligibility requirements.
See the EBP
Program Guide and Instructions Manual for more information.
Mortgage loans originated with EBP grants may be sold
by the member through the Bank's Mortgage
Partnership Finance® program, provided that
the mortgages and home owners continue to meet the retention
requirements of the EBP.
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