FHLBank Boston Housing Our Workforce (HOW) - Connecticut

What is FHLBank Boston Housing Our Workforce (HOW) - Connecticut?

FHLBank Boston Housing Our Workforce (HOW) - Connecticut is a forgivable loan for homebuyers in Connecticut, administered by Federal Home Loan Bank of Boston (through participating member financial institutions).

• Housing Our Workforce (HOW) is a down-payment and closing-cost grant from the Federal Home Loan Bank of Boston, delivered through participating member banks and credit unions across New England including Connecticut. It targets moderate-income workforce homebuyers earning more than 80% and up to 120% of area median income. For 2026, eligible buyers can receive up to $25,000 toward down payment and closing costs (and up to a 2-point rate buydown). The grant is a 0% forgivable second mortgage forgiven fully after a 5-year retention period.
• Up to $25,000 grant.
• Up to 2-point rate buydown.
• 0% interest, forgiven after 5 years.
• Not limited to first-time buyers.
• Statewide via CT member lenders.
• Funding comes from Federal Home Loan Bank of Boston (voluntary program funded from Bank earnings, separate from AHP-regulated set-aside).

How much assistance does it provide?

FHLBank Boston Housing Our Workforce (HOW) - Connecticut offers up to $25,000 in assistance.

• Buyer contribution: Homebuyer must contribute a minimum of $2,000 of their own funds (not a gift/gift of equity); may include earnest money, cash to close, POC fees.
• Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Boston (through participating member financial institutions) determines any individual award.

Do you have to pay it back?

FHLBank Boston Housing Our Workforce (HOW) - Connecticut is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Pro-rata repayment during 5-year retention period if sold/transferred/refinanced/foreclosed; due only if calculated amount exceeds $2,500 and net proceeds exist. Fully forgiven after 5 years.
• The assistance is recorded in Subordinate (second) lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

FHLBank Boston Housing Our Workforce (HOW) - Connecticut is open to buyers who will live in the home as their primary residence.

What are the income limits?

FHLBank Boston Housing Our Workforce (HOW) - Connecticut limits household income to 120% of the area median income, which varies by county and household size.

• Household income greater than 80% and up to 120% of HUD AMI for the property's location. Income calculated across all adult household members 18+. Buyers at or below 80% AMI use the Equity Builder Program instead.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

FHLBank Boston Housing Our Workforce (HOW) - Connecticut caps the purchase price as follows: Home purchase price limits removed as a standard 2026 requirement; IRS MRB purchase price limits apply only in the asset-cap exception scenario.

• Eligible property types include 1-4 family, Condominium, Cooperative, and Manufactured home.
• Manufactured homes are eligible.

Where does it apply?

FHLBank Boston Housing Our Workforce (HOW) - Connecticut serves buyers purchasing anywhere in Connecticut.

How do you apply?

Applications for FHLBank Boston Housing Our Workforce (HOW) - Connecticut go through Federal Home Loan Bank of Boston (through participating member financial institutions), which publishes the current terms and the application steps on its own site.

1. 1

   Contact Federal Home Loan Bank of Boston (through participating member financial institutions) to reserve funds

   Funds are reserved through First-come, first-served via FHLBank Boston Community Lending online system; enrollment submitted 15 business days prior to closing through an approved member institution., and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.