Boston-based bank provides millions for affordable housing

The Federal Home Loan Bank of Boston announced on March 28 that it would contribute $23.4 million to its Affordable Housing Program. The funds will be available to residents of all New England states, including Connecticut.

The Affordable Housing Program provides members of banks and credit unions with access to grants and subsidized loans for the purchase, construction, or rental of units for households 80 percent of their area median income or less. Members and developers will also be able to make use of the funds to help households at risk of homelessness.

“There is a severe shortage of affordable housing in many New England communities and the need to create opportunities for home ownership and produce more housing for lower-income households is great. We are proud to offer the AHP to work in partnership with our members to help address these challenges and support more vibrant communities,” said Kenneth Willis, senior vice president, director of housing and community investment in a press release.

For more information about the program and how to participate, visit https://www.fhlbboston.com/fhlbank-boston/affordable-housing-program#/