AllCom Credit Union, a $68 million institution based in Worcester, Mass., it has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder program, which assists local homebuyers with down-payment and closing costs, as well as homebuyer counseling and rehabilitation assistance.
AllCom CU explained that the $3.1 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $11,000 in assistance on a first-come first-serve basis. Prospective buyers must also complete a homebuyer counseling program.
The credit union is eligible to receive up to $110,000 this year through the Equity Builder program, depending on availability of funds.
“We are pleased to be able to offer this assistance to help ease some of the challenges associated with a home purchase.,” said Debbie Guiney, president and CEO of AllCom CU. “Homeownership is key to building wealth and creating financial stability, and programs that assist homebuyers are a critical component in ensuring that our communities continue to thrive.”
Since 2003, the Equity Builder program has awarded more than $35 million, assisting 3,150 income-eligible households to purchase a home.
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states.
AllCom CU posted net income of about $271,000 in 2017, up from about $253,000 in the prior year.