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.

The Bank is pleased to announce the 2010 EBP funding round. A minimum of $1 million will be allocated to the program.

The online application process will open on Monday, March 29 and close on Friday, April 16 at 5:00 p.m. Applicants will be notified of awards by Friday, April 30, 2010.

How the EBP Works
Chartered member institutions work through a two-step process to access EBP funding: first, members apply to participate in the upcoming round. Then, upon receiving approval to participate, members must submit enrollment requests for funding on behalf of income-eligible home buyers. See the EBP Program Guide and Instructions Manual for more information. A participating member may submit enrollment requests for no more than the maximum aggregate EBP funding cap of $100,000. EBP funds are awarded to participating members in increments of up to $10,000 on a first-come, first-serve, home-buyer by home-buyer basis; EBP funds are not guaranteed or reserved in advance for any participating member.

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.