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Housing Our Workforce (HOW)

Federal Home Loan Bank of Boston (FHLBank Boston) · Statewide, New Hampshire

Last verified
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Assistance

$25,000

The maximum the program publishes — not an offer

Income limit

120% AMI

Of area median income; varies by county and household size

Repayment

Forgivable

Forgiven after 5 years

What is Housing Our Workforce (HOW)?

Housing Our Workforce (HOW) is a forgivable loan for homebuyers in Statewide, New Hampshire, administered by Federal Home Loan Bank of Boston (FHLBank Boston).

  • Housing Our Workforce (HOW) is FHLBank Boston's down-payment and closing-cost grant for moderate-income homebuyers earning above 80% and up to 120% of area median income - filling the gap above the income ceiling of the Equity Builder Program. For 2026 the maximum grant is up to $25,000, delivered through approved member banks and credit unions in New Hampshire. Grants are forgivable over five years and may also fund an interest-rate buydown of up to 2 points.
  • Down-payment and closing-cost grant up to $25,000 (2026).
  • Serves moderate-income buyers (80%-120% AMI).
  • Forgivable after 5 years.
  • Up to 2-point interest-rate buydown.
  • Funding comes from FHLBank Boston voluntary homeownership set-aside funds.

How much assistance does it provide?

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

  • Award tiers: 2026 maximum grant up to $25,000 per household. Member institution enrollment cap graduated: $125,000 for the first two funding-release periods, increasing to a maximum of $250,000 for the remaining releases.
  • Buyer contribution: Homebuyer must contribute at least $2,000 of their own funds (not a gift or gift of equity); contribution must be evidenced on the executed P&S or addendum.
  • Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Boston (FHLBank Boston) determines any individual award.

Do you have to pay it back?

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

  • Repayment is triggered by Sale or transfer (or ceasing to occupy as primary residence) within 5 years of closing; repayment pro-rated in favor of the homeowner and only owed if the calculated repayment exceeds $2,500.
  • The assistance is recorded in Subordinate (grant secured by retention agreement/mortgage) position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

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

The program requires

  • The home is occupied as a primary residence
  • A completed homebuyer education course, through Required for first-time homebuyers only; FHLBank Boston-approved counseling organization. NH-approved: AHEAD, Inc.; Community Home Solutions; GreenPath Financial Wellness; NeighborWorks Southern New Hampshire; New Hampshire Housing Finance Authority.
  • DRAFT (dpa-gap-finder 2026-06-11): pending review. Homebuyer must contribute at least $2,000 of their own funds. $150,000 maximum asset cap. No cash back to buyer over $250; cannot reimburse earnest-money deposits. Owner-occupied primary residence only; existing homeowners must sell their current home first. Cannot be combined with EBP, Lift Up, or the AHP. Homebuyer education required for first-time buyers only.

The program excludes

  • Households above 120% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

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

  • Household income must be more than 80% and up to 120% of area median income (AMI); AMI derived from the specific state/city/town of the property.
  • 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?

Housing Our Workforce (HOW) can be used for Single Family, Condo, and 2-4 Unit.

Where does it apply?

Housing Our Workforce (HOW) serves buyers purchasing in Statewide, New Hampshire.

How do you apply?

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

  1. Take a homebuyer education course

    Required by the program, through Required for first-time homebuyers only; FHLBank Boston-approved counseling organization. NH-approved: AHEAD, Inc.; Community Home Solutions; GreenPath Financial Wellness; NeighborWorks Southern New Hampshire; New Hampshire Housing Finance Authority..

  2. Contact Federal Home Loan Bank of Boston (FHLBank Boston) to reserve funds

    Funds are reserved through First-come, first-served; member institutions reserve grants through FHLBank Boston's Community Lending system once the buyer has an executed offer/Purchase & Sales agreement., and are subject to availability.

  3. 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.

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