SOMERVILLE, Mass.–Naveo Credit Union has been selected to participate in Federal Home Loan Bank of Boston’s (FHLBank Boston) Housing Our Workforce (HOW) program.
Launched this year, HOW provides assistance to FHLBank Boston financial institution members to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments on owner-occupied primary residences.
The $2-million program offers a two-to-one match of down payments made at the time of purchase by eligible homebuyers. Borrowers can receive up to $20,000 in assistance on a first-come, first-served basis.
“Many homeownership programs are designed to assist lower-income individuals and families. It is often challenging for those in a slightly higher income range to afford housing, particularly in communities where home prices are escalating. With this program, a greater number of borrowers who are incredibly important to the economic well-being of our communities will be able to achieve homeownership,” said Albert Pinho, Vice President of Lending at Naveo Credit Union.
Naveo reported it is eligible to receive up to $100,000 in 2019 through Housing Our Workforce depending on availability of funds.