December 29, 2020

affordable housing complex in Maine with snow on the ground

​FHLBank Boston Awards $53.2 Million for Affordable Housing

Federal Home Loan Bank of Boston (FHLBank Boston) awarded more than $53.2 million in grants, loans, and interest-rate subsidies to support 29 affordable housing initiatives in New England and beyond. These projects, funded in part through FHLBank Boston’s Affordable Housing Program (AHP), will create or preserve 1,197 rental and homeownership units for individuals and families earning up to 80% of the area median income. 

More About Our AHP Awards

The funds were awarded to projects through financial institutions in the region that are members of FHLBank Boston.

“Our Affordable Housing Program has helped member financial institutions support the creation and preservation of thousands of affordable housing units for 30 years. We appreciate the efforts of our members and their affordable housing partners in playing such an important role in strengthening our communities,” said FHLBank Boston President and Chief Executive Officer Edward A. Hjerpe III.

The grants and loans will be used to help pay construction, acquisition, or rehabilitation costs. Member financial institutions work with local developers to apply for funding, which is awarded through a competitive scoring process.  

For details on each housing initiative, please visit here.

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