Leominster Credit Union will distribute a $110,000 grant tolow-income homebuyers in Massachusetts who are buying a home forthe first time or are a displaced homemaker.
|Eligible homebuyers can receive up to $11,000 in down paymentand closing cost assistance. The awards will be distributed on afirst-come, first-serve basis to first-time buyers and homemakerswho have had to return to the workforce because of the loss ofeconomic support from a spouse.
|“For many first time buyers, this assistance can mean thedifference of fulfilling their dream of homeownership,” said JulieBergstrand, real estate underwriting manager for the credit union,which is based in Leominster, Mass., about 43 miles west of Boston.
|This is the fourth year in a row that Leominster ($642.6 million in assets, 53,037members) has participated in the Equity Builder Program of theFederal Home Loan Bank of Boston, a wholesale bank cooperativelyowned by more than 440 New England credit unions and otherfinancial institutions.
|Since 2003, the Equity Builder Program has awarded more than $32million in funds assisting 2,867 income-eligible householdsthroughout New England to purchase a home. Households must haveincomes at or below 80% of the area median income.
|“The maximum income limit for a family of four in Worcester is$68,000, which is less restrictive than many would expect,”Bergstrand said.
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