Reading, MA — Reading Cooperative Bank (RCB) has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
The $3.1 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $11,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.
“We are pleased to be able to offer this assistance to help ease some of the challenges associated with a home purchase,” said Julie Thurlow, President & CEO of RCB Homeownership is key to building wealth and creating financial stability, and programs that assist homebuyers are a critical component in ensuring that our communities continue to thrive.”
RCB is eligible to receive up to $110,000 in 2018 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $35 million in EBP funds assisting 3,150 income-eligible households to purchase a home.
To learn more about applying for assistance, please contact banking@readingcoop.com or call 781-9425000.
About Reading Cooperative Bank
Reading Cooperative Bank is a depositor owned co-operative founded in 1886. This community-centric North Shore financial service provider has branches in Reading, Wilmington, North Reading, Andover, and Burlington. They also operate teaching branches at Northeast Metro Tech in Wakefield (open to the public) and at Reading Memorial High School (students and staff only), as well as an online branch at www.readingcoop.com.
Member FDIC | Member SIF | Equal Housing Lender
About FHLB Boston
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.
