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.
NEF advances are available with maturities up to 20 years for housing activities. They are available with maturities up to five years for economic-development activities.
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.
The member's spread on a NEF advance may not exceed
its standard spread for a similar type of loan.
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.
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will be considered withdrawn if the funds have not been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.