WESTERLY – The Washington Trust Co. said it expects to help finance 37 home purchases this year through a mix of federal grant programs and Rhode Island’s AnchorHome mortgage initiative, as affordability challenges continue to squeeze prospective buyers across the region.
On Monday, the bank said the home purchases – spread across Rhode Island, Massachusetts and Connecticut – will include $713,000 in grant assistance through the Federal Home Loan Bank of Boston and more than $9 million in loans through the state-backed AnchorHome program.
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Washington Trust is a participating lender in FHLBank Boston’s Equity Builder, Housing Our Workforce and Lift Up Homeownership programs, as well as Rhode Island’s AnchorHome initiative, which offers lower fixed-rate mortgages and waives private mortgage insurance requirements for certain borrowers.
Bank officials said the programs are designed to help offset two of the biggest barriers to homeownership: down payments and closing costs.
The 2026 program year began in April.
Rolando Lora, Washington Trust’s executive vice president and chief lending officer, said the partnerships are helping first-time buyers overcome affordability barriers and establish long-term financial stability.
FHLBank Boston’s Equity Builder program provides grants of up to $32,099 for down payments and closing costs for low- to moderate-income first-time buyers, while Housing Our Workforce offers grants of up to $25,000 for moderate-income households.
Its Lift Up Homeownership program provides up to $40,000 for lower-income buyers, including individuals without generational wealth support and those who have aged out of foster care.
Washington Trust said the programs come as housing affordability remains a challenge across the Northeast, where rising prices and limited inventory continue to make homeownership increasingly difficult for many buyers.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
