To apply for a New England Fund (NEF) advance, members must submit an application to the Bank's Housing and Community Investment Department. There are three applications: one for economic development, one for one- to four-family mortgages, and one for multifamily mortgages. Funding is subject to the terms listed below.

Maturities
NEF advances are available with maturities of one month to 20 years for housing activities. They are available with maturities of one month to five years for economic-development activities. (Amortization schedules out to 30 years for amounts of $300,000 or greater.)

Availability
NEF advances are continuously available for member institutions in accordance with the Bank's most recent Products Policy. Applications are accepted at any time and are processed promptly, with funding usually possible within two weeks of receipt of application.

Member Spread
The member's spread on a NEF advance may not exceed its standard spread for a similar type of loan.

Reporting
The Federal Home Loan Bank of Boston does not require annual reporting on NEF advances, but it does reserve the right to monitor compliance with the certifications made in the advance applications.

Commitment Expiration
Funding commitments should be used within 12 months of approval. A request for an extension of the commitment will be considered on a case-by-case basis. All commitments will be considered withdrawn if the funds have not been used within 12 months of approval.

Disbursement of Funds
All requests for funds to the Money Desk will be disbursed on the next business day.

Renewal of NEF Advances
NEF advances may not be renewed.