Equity Builder Program ​​Procedures + Requirements

As a member, now that you’ve decided to apply for the program, mark your calendars with these important dates and review how the program works in detail. 

Application Period

You can apply during following period:

  • February 1 – February 29, 2024 by 3:00 p.m.

Enrollment Period

Once you apply, you will be notified of your enrollment cap the week of March 18, 2024. FHLBank Boston will begin accepting enrollments for qualified households on Monday, April 1, 2024.

Funding Rounds

Approved members will have full access to the funds allocated to the EBP funding round until they have met their maximum amount or until the pool runs out. Funds are always on a first-come, first-served basis. For more information, please refer to the Program Features and Notice of Changes and the EBP HOW Procedures.* 

The 2024 EBP/HOW funding release schedule is as follows: Monday, April 1; Monday, April 15; Wednesday, May 1; Wednesday, May 15; Monday, June 3; Monday, June 17; Monday, July 1; and Monday, July 15. These dates are subject to change. 

Process

There are three easy steps to take advantage of the EBP:

  1. Apply to participate in the program (this is an annual application process). 
  2. Once approved to participate, enroll homebuyers, and
  3. After the closing, request disbursement of the grant(s).

To apply and enroll homebuyers, visit Community Lending. All other forms for the application and enrollment process can be found in Forms + Applications.  

The standard review time for homebuyer enrollment applications is 15 business days assuming all acceptable documentation has been submitted. 

To ensure you have all necessary documentation, please refer to this checklist

EBP in Affordable Housing Implementation Plan

EBP is guided by the Affordable Housing Program Implementation Plan to ensure that EBP grants are used in an effective, timely, and appropriate manner. The plan is developed each year in consultation with the FHLBank Boston Advisory Council. 

FOR OUR MEMBERS:

Manage Your Application

Find the form or applicaiton you need here:
Search

Educational Material

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

Member Eligibility

View member eligibility guidelines or contact the program manager

Member Participants

See which members were approved to participate in EBP.

FAQs

Homebuyers can learn more about the program by reviewing these  FAQs.

*The number of periods, the percentages, and dates can change based on FHLBank Boston's sole discretion, the current year’s program need, and member/homebuyer demand.