The Federal Home Loan Bank of Boston offers its members four options for funding affordable housing and economic development.

The Bank is pleased to announce approximately $3.5 million for two limited, affordable housing funding rounds for the Affordable Housing Program (AHP)and the Equity Builder Program EBP).

• A minimum of $2 million will be allocated to the Affordable Housing Program (AHP)
• A minimum of $1 million will be allocated to the Equity Builder Program (EBP)

The funding for these limited rounds comes from returned AHP subsidy. The Bank will allocate any additional subsidies returned in accordance with the revised 2009 AHP Implementation Plan.

The online application process for the AHP will open on Monday, August 17 and close on Friday, September 25 at 5:00 p.m. The online application process for the EBP will open on Monday, July 6 and close on Friday, July 24 at 5:00 p.m. Eligible applicants will be notified on Friday, July 31 so that members may begin enrolling home buyers on August 3.

The Affordable Housing Program
The Affordable Housing Program (AHP) offers grants and subsidized advances for affordable housing in two competitive rounds each year.

The Community Development Advance
The Community Development advance is a reduced-rate advance for funding eligible affordable-housing, economic-development, and mixed-use initiatives.

The New England Fund
The New England Fund (NEF) provides advances to support housing and community-development initiatives that serve moderate-income households and neighborhoods.

The Equity Builder Program
The Equity Builder Program offers members grants to provide income-eligible buyers with down-payment, closing-cost, and rehabilitation assistance, as well as matched-savings programs.

The FHLB Economic Stimulus Advance
The FHLB Economic Stimulus advance offers discounted financing to members engaged in government-sponsored lending and investment activities or the development of self-directed initiatives to suppport growth and recovery in the economy, including the preservation and creation of jobs.

Program Income Limits
Wherever mentioned in the program information, area median income means the area median income as defined by the U.S. Department of Housing and Urban Development (HUD). Consult HUD's Web site for the latest median income guidelines.