Forty-four members submitted 45 applications for EBP funding during the application period, which ran from early March through April 1.

In April 2005, 28 members won a total of $1.513 million in grants through the Federal Home Loan Bank of Boston's Equity Builder Program (EBP).

The members will use the grants to provide down-payment, closing-cost, and rehabilitation assistance to very low- and low-income home buyers. They can also use EBP funds to pay the cost of home-buyer counseling and to offer matched-savings programs.

Forty-four members submitted 45 applications for EBP funding during the application period, which ran from early March through April 1. The average amount per recommended member application was just over $54,064, while the average amount requested was over $159,771.

The awards will provide an average of $12,848 in assistance to an estimated 127 home buyers.
The winning members can be found online in the Housing & Economic Growth section of the Bank's web site (www.fhlbboston.com). Fourteen members approved in 2004 reapplied for EBP funds this round, and eight were recommended for approval. Seven members approved in 2003 also reapplied for EBP funds this round, and six were recommended for approval. The remaining 12 members recommended for approval represent new applicants to the program.

To qualify for EBP funding, members must partner with an organization recognized as experienced in counseling to provide homeownership counseling for the participating buyers. Starting this year, the counseling curriculum will include a financial literacy component that alerts borrowers to the characteristics of predatory lending.

Members must also ensure that each unit purchased under the program is subject to a legally enforceable retention agreement that maintains affordability for at least five years. Funds must be drawn down and used for eligible purposes within 24 months of application approval.

The EBP is funded using up to 15 percent of the Bank's annual Affordable Housing Program subsidy. The next EBP round will be open for applications in March 2006.