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The Federal Home Loan Bank of Boston (FHLBank Boston) is rolling out Lift Up Homeownership, a pilot program designed provide down payment and closing cost assistance to people of color who are purchasing their first home.

Lift Up Homeownership will be available to banking and credit union members of FHLBank Boston – these institutions will be provided access to grant funding to offer to customers applying for mortgages who are people of color earning up to 120% of the area median income. Buyers will be eligible to receive up to $50,000 through the program.

To qualify, borrowers must be first-time homebuyers purchasing a home in New England and must complete a homebuyer counseling program before receiving funds. FHLBank Boston defines a person of color as Black, American Indian, Alaska Native, Hispanic, Asian and Native Hawaiian/Pacific Islander. The program was developed following research into racial inequities in housing across New England.

“Homeownership is the primary way in which most people build wealth,” said FHLBank Boston President and CEO Timothy J. Barrett. “It also offers a pathway to upward mobility, stability, and positive outcomes for individuals and families. In recognition of National Homeownership Month, we are pleased to announce Lift Up Homeownership, which enables us to partner with our members to help address the homeownership and wealth gaps in our communities and overcome some of the barriers to homeownership for people of color.”