Housing Our Workforce Eligibility + Terms of Funding
If you are interested in assisting income-eligible homebuyers with Housing Our Workforce (HOW) grants, please review the following guidelines before applying:
Grants Can Be Used For:
- Down payments
- Owner-occupied primary residences
Grants Cannot Be Used For:
- Paying principal, interest, taxes, and insurance reserves payments
- Investment properties
- Paying costs of prepaid life insurance premiums
- 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
Homeownership education and counseling is required for first-time homebuyers only. Please refer to this agency list, which includes FHLBank Boston approved homebuyer counseling organizations in each New England state.
* 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.