Disaster Relief Program Frequently Asked Questions

The Disaster Relief Program provides targeted mortgage assistance payments to homeowners and small businesses impacted by federal or state-declared disasters across New England. Eligible participants may receive up to six months of mortgage assistance with a maximum of $15,000 per grant, with funds covering principal, interest, insurance, and taxes. The program is activated following an approved state or federal disaster declaration, and members can request support through the community lending portal on a first-come, first-served basis, ensuring timely relief to help homeowners and small businesses.

There is no formal deadline to apply. However, members must enroll annually through the FHLBank Boston Community Lending portal and execute the Disaster Relief Program Agreement to be eligible to access funds in the event of a declared disaster.

Funds are available on a first-come, first-served basis. Members request funds via the FHLBank Boston Community Lending portal. Enrollments and disbursements are completed simultaneously.

The homeowners listed on the deed must have incomes at or below 100% of area median income (AMI), own a primary residence in the declared disaster area, and have a mortgage held or serviced by a participating member. Small businesses must meet the federal definition 15 U.S.C. 632(a) and 13 CFR part 121, be located in a declared disaster area, and have a mortgage held or serviced by a member.

The homeowner or small business must be facing a financial hardship defined as a material reduction in income, or a material increase in living or operating expenses associated with a federal or state declared disaster, creating or increasing the risk of mortgage deficiency, mortgage default, missed rental payments, foreclosure, loss of utilities, or displacement of a homeowner. This will be verified and attested to by the member.

Yes. Mortgage assistance from the Disaster Relief Program is only available to properties of homeowners and small businesses located within New England that meet all eligibility requirements.

After a state or federally declared natural disaster triggers the program, FHLBank Boston will notify its members of the program’s activation and provide approximately 30 days’ advance notice regarding the availability of funding. The program will remain open for 30 days after the date of funding availability. Enrollments must be received during those 30 days.

Enrollments for both homeowners and small businesses must include a copy of the most recent mortgage or loan statement reflecting the monthly mortgage, principal, interest, mortgage insurance, and taxes. In addition, members must certify that they either hold or service the mortgage, and the property is located within the disaster declared area.

For small businesses, members must certify that the small business meets the SBA guidelines.

For homeowners, a completed FHLBank Boston Homeowner Disclosure Form is required, along with proof of income for all individuals listed on the property deed. Income documentation must comply with the FHLBank Boston Disaster Relief Program Income Calculation Guidelines.

Eligible homeowners and small businesses can receive mortgage assistance for up to six months, with grant amounts ranging from a minimum of $5,000 to a maximum of $15,000.

No. Funds cannot be applied toward a principal reduction. They must be used exclusively to cover monthly principal, interest, insurance, and taxes. Payments are made by the member on a monthly basis for the full term of the grant.

Yes. The annual state cap is $1 million, and the member cap is $150,000. The member cap may be increased at the discretion of FHLBank Boston.

Yes. Members must submit reporting within seven months of disbursement, including proof of full fund pass-through and evidence of mortgage assistance for the six-month period. Mortgage statements or a record of payments reflecting the member utilized the funds to make monthly mortgage payments equaling the amount of the grant is required.