December 2025

Opening Doors to Homeownership

In the coastal Massachusetts town of picturesque Cohasset, where the median home sales price is over $1 million and average monthly rents can exceed $3,000, housing costs present a significant barrier for many working individuals and families.

But thanks to the collaboration of South Shore Habitat for Humanity, Dedham Savings, and Federal Home Loan Bank of Boston (FHLBank Boston), a single mother who is an assistant manager at a local bank branch and an emergency responder with a family can now call Cohasset home.

Earlier this year, South Shore Habitat for Humanity completed construction on an affordable duplex-style home on land that was transferred from the Affordable Housing Trust of Cohasset with each home selling for $260,000.

Dedham Savings provided mortgage financing and was able to reduce monthly mortgage payments for each household by providing down-payment assistance grants through FHLBank Boston’s Equity Builder Program (EBP) and Housing Our Workforce (HOW).

“Nowadays, it’s taking more and more assistance for borrowers to be able to afford a home. Rising housing costs and interest rates are definitely affecting affordability. Every little bit helps,” said Beverly Somerville, CRA officer at Charlesbridge Group, the multi-bank mutual holding company of Dedham Savings and South Shore Bank in Massachusetts. “Housing Our Workforce is opening up doors for people who may not be able to purchase a home. We’re happy to partner with the Federal Home Loan Bank of Boston.”

Members like Dedham Savings that used HOW and EBP in 2025 could provide up to $25,000 in down-payment assistance grants to income-eligible homebuyers. HOW serves homebuyers earning more than 80% and up to 120% of the area median income, while EBP is reserved for first-time homebuyers earning up to 80% of the area median income.

Since 2007, Dedham Savings has received $750,896 in HOW and EBP grant funding to help 43 households purchase homes.

At the Cohasset property, Dedham Savings provided a $25,000 grant through HOW to the local emergency responder and his wife helping them save $175 on principal and interest payments each month. South Shore Habitat for Humanity installed a chair lift and accessible ramp and made other modifications to the home to accommodate the complex medical needs of one of the couple’s twin children, according to Erin McGough, executive director of South Shore Habitat for Humanity.

“Housing Our Workforce is an added tool to help the buyers attain their dream of owning a home,” said Somerville.

In addition to EBP and HOW, FHLBank Boston offers Lift Up Homeownership, which provides down-payment assistance grants to first-generation homebuyers in New England.

Bluestone Bank used a $50,000 grant through Lift Up Homeownership to help a single mom who is going to school to become a radiology technician purchase her first home. Bluestone layered the grant with a $25,000 2% down-payment assistance loan through MassHousing to help the borrower purchase a $318,000 townhouse in Norfolk, Massachusetts.

The borrower had to navigate a challenging environment with rising rates and limited affordable housing inventory, explained Mike Kemple, first senior vice president and senior retail lending officer at Bluestone Bank.

“There were so many moments when we didn’t think this was going to come together,” said Kemple.

Mary Buck, vice president and area sales manager at Bluestone Bank, pre-approved the borrower and worked with her for more than a year. She eventually helped the borrower find a newly constructed home in the Norfolk development, which included affordable units, and convinced the builder to extend the closing date so the borrower could receive the Lift Up Homeownership down-payment assistance grant.

“It’s a huge life-changing moment for the buyer,” said Buck.

Over the last five years, Bluestone Bank has received $707,218 in EBP, HOW, and Lift Up Homeownership grant funding to assist 30 homebuyers.

“FHLBank Boston has been the most reliable source of down-payment assistance grant funding for all the time we’ve been with the bank,” said Kemple.

FHLBank Boston will announce details about the 2026 application period for the three homeownership assistance programs in January. An informational webinar about the application process for the programs takes place February 3, 2026 at 10 a.m.