Washington Trust Selected by Federal Home Loan Bank of Boston Bank to Offer Homeownership Assistance Through FHLB Grants

News provided by

Mar 22, 2023, 14:26 ET

WESTERLY, R.I., March 22, 2023 /PRNewswire/ -- Washington Trust has been selected to participate in Federal Home Loan Bank of Boston's homeownership assistance programs, Equity Builder Program and Housing Our Workforce.

Equity Builder Program (EBP) provides grants to financial institutions to assist local income-eligible homebuyers with down-payment 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 $29,000 in assistance on a first-come, first-served basis. Buyers are required to complete homebuyer education/counseling if they are a first-time homebuyer.

Housing Our Workforce (HOW) provides assistance to financial institutions 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 10% of the home sales price or up to $25,000 in assistance on a first-come, first-served basis. Buyers are required to complete homebuyer education/counseling if they are a first-time homebuyer.

"We are pleased Washington Trust has been selected to participate in the Federal Home Loan Bank of Boston's homeownership assistance programs, Equity Builder Program and Housing Our Workforce, which are designed to ease some of the challenges associated with a home purchase," said Edward O. "Ned" Handy, III, Washington Trust Chairman and CEO. Adding, "These programs will help borrowers achieve the dream of home ownership and economic empowerment, while also supporting the financial stability and vitality of our local communities."

Washington Trust is eligible to receive up to $350,000 in 2023 through the EBP and up to $260,0000 through HOW depending on availability of funds.

To learn more about applying for assistance through these programs, please contact Al Grant, Senior Vice President, Mortgage Origination, at 401-654-4831 or [email protected].

ABOUT WASHINGTON TRUST^®Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at washtrust.com.

About FHLBank 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.

SOURCE The Washington Trust Company