Cambridge, Mass. – East Cambridge Savings Bank today announced that it is participating in two programs facilitated by the Federal Home Loan Bank of Boston: the Housing Our Workforce (HOW) program and the Equity Builder Program (EBP). Both initiatives provide down payment, closing costs, and other homebuyer assistance to borrowers who meet certain income eligibility requirements.
The HOW program provides assistance to Federal Home Loan Bank of Boston financial institution members like East Cambridge Savings Bank 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. Borrowers can receive up to $10,000 in assistance on a first-come, first-served basis. The EBP provides grants to the Bank to assist households earning up to 80% of the area median income. Borrowers are eligible to receive up to $15,000 in assistance on a first-come, first-served basis. Buyers must also complete a homebuyer counseling program.
“We are pleased to participate in the Housing our Workforce program and the Equity Builder Program to help community members who are seeking to purchase homes in the communities where they live and work,” said Gilda M. Nogueira, the Bank’s president and chief executive officer. “Homeownership is a key to household and community wealth, and these programs are important tools in ensuring that more individuals and families can finalize a home purchase transaction.”
Those who are thinking about the homebuying process and want to know more about these programs or down payment assistance are encouraged to contact East Cambridge Savings Bank’s community outreach officer Laura Berg at (617) 551-2421 or lberg@ecsb.com. More information about these programs can also be found on the Bank’s website by visiting ecsb.com.
About East Cambridge Savings Bank
East Cambridge Savings Bank is a full-service mutually-held bank that is committed to be the preferred banking partner in the communities it serves. Established in 1854, the Bank strives to provide an exceptional customer experience and generous support for the community. Headquartered in Cambridge, the Bank has locations in Arlington, Belmont, Cambridge, Chelsea, Malden, Medford, Somerville, and Waltham, as well as an educational training facility at Cambridge Rindge and Latin School. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Depositors Insurance Fund (DIF), and is an Equal Housing Lender.
CONTACT:
Leo Gayne
Assistant Vice President, Public Relations Officer
(617) 551-2353
lgayne@ecsb.com