BOSTON The Federal Home Loan Bank of Boston announced this morning it has awarded a $400,000 grant to Coventry CU to help developers build a 40-unit affordable housing project in Coventry, R.I., one of 48 grants awarded by the FHLB.
The grant is one of the biggest ever awarded to a credit union by an FHLB, who reserve the vast majority of its funding for member banks.
The Rhode Island credit union will provide a construction loan and permanent financing to homebuyers at Pine Haven Acres, which is also the beneficiary of funding from HOME and Community Development Block Grants for buyers earning less than 80% of the area median income.
The FHLB also awarded a $30,000 grant to Leominster CU ,which will provide a construction line of credit for a single-family Habitat for Humanity project in Acton, Mass.
The Boston FHLB awarded a total of $30.3 million in grants this morning to projects in the six New England states, with $14.2 million of its affordable housing grants and the balance subsidized advances or loans. The funds will create or preserve 1,004 units of affordable rental and ownership housing for households earning at or below 80% of area median income.