DANBURY — Union Savings Bank (USB) has been approved to participate in Federal Home Loan Bank of Boston’s homeownership assistance programs that help income-eligible homebuyers who are purchasing one- to four-family homes that will serve as their primary residence.
The programs go by the names Equity Builder, Housing Our Workforce, and Lift Up Homeownership.
Equity Builder Program
This program provides grants to financial institutions to help local first-time homebuyers with down payments and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80% of the area median income are eligible to receive up to $32,099 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling.
Housing Our Workforce
It enables financial institutions to help local homebuyers earning more than 80% and up to 120% of the area median income with down payments and closing costs. Borrowers can receive up to $25,000 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling if they are a first-time homebuyer.
Lift Up Homeownership
The program provides grant funding to financial institutions to assist first-generation homebuyers with incomes up to 120% of the area median income who are purchasing homes in New England. Income-eligible homebuyers may receive up to $40,000 for down payments and closing costs.
“At Union Savings Bank, we recognize that limited housing inventory and rising prices have made homeownership feel out of reach for many,” said Robert Monti, senior vice president, residential and consumer lending. “These three grant programs are vital tools that can potentially help first-time and first-generation buyers compete in a tight market.”
Union Savings Bank is eligible to reserve up to $320,000 through the EBP, up to $250,0000 through HOW, and up to $400,000 for Lift Up Homeownership depending on availability of funds in 2026.
