FHLBank Boston Launches New Homeownership Assistance Program for People of Color

Lift Up Homeownership is available to member financial institutions of FHLBank Boston. Member banks and credit unions that apply to participate in the program are provided access to grant funding to offer to customers applying for mortgages who are people of color earning up to 120% of the area median income. Buyers are eligible to receive up to $50,000 through the program. Borrowers must be first-time homebuyers purchasing a home in New England and are required to complete a homebuyer counseling program prior to receiving a grant.

FHLBank Boston defines a person of color as Black, American Indian, Alaska Native, Hispanic, Asian, and Native Hawaiian/Pacific Islander. Lift Up Homeownership was developed after FHLBank Boston conducted research about racial inequities in housing, including racial homeownership and wealth gaps in New England.

After the research and legal and regulatory analyses were completed, FHLBank Boston’s board of directors unanimously approved the development of a program that will allow FHLBank Boston to provide enhanced down-payment and closing-cost assistance to people of color without fear of violating the Fair Housing Act.

“Homeownership is the primary way in which most people build wealth. It also offers a pathway to upward mobility, stability, and positive outcomes for individuals and families. In recognition of National Homeownership Month, we are pleased to announce Lift Up Homeownership, which enables us to partner with our members to help address the homeownership and wealth gaps in our communities and overcome some of the barriers to homeownership for people of color,” said Timothy J. Barrett, FHLBank Boston president and CEO.