FALL RIVER – St. Anne’s Credit Union has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down payments and closing costs and provides homebuyer counseling and rehabilitation assistance.
The $3.6 million program provides grants to financial institutions to assist households at or below 80 percent of the area’s median income. Borrowers are eligible to receive up to $150,000 in assistance on a first-come, first-serve basis. Buyers must also complete a homebuyer counseling program.
With more than $960 million in assets and 55,000 members, St. Anne’s Credit Union is eligible to receive up to $150,000 in 2019 through the Equity Builder Program, depending on the availability of funds. Since 2003, the program has awarded more than $38.8 million in funds, helping 3,512 income-eligible buyers to purchase a home, according to the Federal Home Loan Bank of Boston.
“Homeownership is not easily attainable for many households, so we are pleased to offer this assistance to help individuals and families purchase a home,” said Carlos DeCunha, the credit union’s senior vice president and chief lending officer. “Homeownership helps build wealth and create financial stability, and programs that assist homebuyers can be effective in adding to the vibrancy of our communities.”
To learn more about applying for assistance, contact Luisa Rochester, St. Anne’s vice president of residential lending, at (508) 324-7332.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.