Mechanics Cooperative Bank tapped for Equity Builder Program

PROVIDENCE – Federal Home Loan Bank of Boston has selected Mechanics Cooperative Bank to participate in its Equity Builder Program.

As part of the program, the Taunton-based bank will assist local homebuyers with down payments and closing costs along with counseling and rehabilitation assistance, according to a press release.

The $3.1 million program gives grants to financial institutions to help households at or below 80 percent of the area’s median income. Mechanics is eligible to receive up to $110,000 in 2018.

Borrowers are eligible to receive up to $11,000 on a first-come, first-served basis, according to the release.

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“We are very excited to be able to offer this program aimed at assisting local residents with qualified home purchases,” said Joseph T. Baptista Jr., president and CEO of Mechanics. “Homeownership is key to building a strong community and helps to create financial stability – and these programs are a critical component to ensuring the path to home ownership is attainable and affordable.”

Mechanics has more than $570 million in assets.

Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.