The New England Fund (NEF) offers low-cost, fixed-rate advances for eligible affordable-housing and economic-development initiatives that benefit households or neighborhoods with incomes up to 140 percent of the area median family income.

Member institutions may apply to the New England Fund (NEF) for funding in support of proposed developments, programs, or loans that meet the eligibility guidelines specified below. Mortgage loans eligible for the NEF include those originated, or purchased, by members.

Income Guidelines

Where mentioned below, "area median income" and "median income" refer to the area median income as defined by the U.S. Department of Housing and Urban Development. You can use the Federal Financial Institutions Examination Council's Geocoding System to determine the median-income percentage for a particular address.

Eligible One- to Four-Family Loans

One- to four-family mortgage loans are eligible if they are:

• Made to individual home owners whose incomes do not exceed 140 percent of the area median income;
  
  
• Part of a Massachusetts 40B initiative where the loan supports an "affordable" subdivision or condominium where the incomes of at least 25 percent of the individual homeowners will not exceed 80 percent of the area median income; or
  
  
• Part of a Massachusetts 40R initiative or Rhode Island Comprehensive Permit initiative where the loan supports an "affordable" subdivision or condominium where the incomes of at least 20 percent of the individual homeowners will not exceed 80 percent of the area median income.

Residential Multifamily Rental and Cooperative Mortgages

Multifamily rental or cooperative projects are eligible if:

• The incomes of at least 51 percent of the residents do not exceed 140 percent of the area median income;
  
  
• The rents for at least 51 percent of the units are affordable to residents whose incomes do not exceed 140 percent of the area median income (i.e., affordable rents do not exceed 30 percent of 140 percent of the area median income);
  
  
• Part of a Massachusetts 40B initiative where 25 percent of the units are affordable to residents whose incomes do not exceed 80 percent of the area median income;
  
  
• Part of a Massachusetts 40R initiative or Rhode Island Comprehensive Permit initiative where at least 20 percent of the units are affordable to residents whose incomes do not exceed 80 percent of the area median income; or
  
  
• The project qualifies for Low Income Housing Tax Credits, whether or not such credits are used.
  
  

Nonresidential Community Economic Development Loans

Non-residential community economic development projects or programs are eligible if:

• The project is located in a census tract, neighborhood, or other geographic area for which the median income does not exceed 140 percent of the median income for the larger geographic area (e.g., PMSA or county);
  
  
• The project primarily serves individuals or households with incomes that do not exceed 140 percent of the area median income; or
  
  
• The project primarily employs individuals from households with incomes that do not exceed 140 percent of the area median income. If the employees' household incomes are unknown, a project is eligible if it primarily employs individuals whose salaries do not exceed 80 percent of the area median income for one-person households.