Equity Builder Program Eligibility + Terms of Funding

If you are interested in assisting income-eligible homebuyers with Equity Builder Program (EBP) grants, you should review the following guidelines before applying: 

Grants Can Be Used For:

  • Down payments
  • Closing costs
  • Rehabilitation costs associated with home purchase
  • Homebuyer counseling, up to a maximum of $500 per household
  • Homebuyer counseling must be through an FHLBank Boston approved homebuyer counseling organization

Grants Cannot Be Used For:

  • Principal, interest, taxes, and insurance reserves payments
  • Reimbursing a homebuyer for earnest money deposits
  • Returning cash back to a homebuyer in excess of $250
  • Using in conjunction with an Affordable Housing Program subsidy awarded to the same borrower for the same transaction

Income Calculation Guidelines

See what guidelines FHLBank Boston uses to verify household income and determine whether households are eligible to participating in our homeownership assistance programs, including EBP. 

EBP requires the first one-third of enrollments be used to assist first-time homebuyers.** Our online application system allows you to enroll non-first-time income-eligible homebuyers once the one-third threshold is met.

FOR OUR MEMBERS:

Manage Your Application

Find the form or application you need here:
Search

Educational Material

Find the training materials to help you secure an EBP grant. 

Member Eligibility

If you have more questions about eligiblity, contact the program manager

Member Participants

See which members were approved to participate in EBP.

Procedures + Requirements

Learn the details to help you successfully apply.

* FHLBank Boston reserves the right in its sole discretion to determine, at the time the application is submitted, whether a member is eligible to participate in our homeownership assistance programs based on, but not limited to, the borrowing and/or credit status of the member. 

** Based on the 42 U.S.C. §12704(14).