Lift Up Homeownership

What is Lift Up Homeownership?

Lift Up Homeownership is a forgivable loan for homebuyers in Statewide, New Hampshire, administered by Federal Home Loan Bank of Boston (FHLBank Boston).

• Lift Up Homeownership is an FHLBank Boston pilot program providing down-payment and closing-cost assistance specifically to people of color purchasing their first home in New England, including New Hampshire. Eligible first-time buyers earning up to 120% of area median income can receive up to $50,000 in grant assistance through participating member banks and credit unions. The program was created after FHLBank Boston research into racial homeownership and wealth gaps in New England.
• Up to $50,000 in down-payment and closing-cost assistance.
• Targets first-time buyers who are people of color.
• Available statewide in NH through member institutions.
• Addresses racial homeownership/wealth gaps.
• Funding comes from FHLBank Boston pilot homeownership program funds.

How much assistance does it provide?

Lift Up Homeownership offers up to $50,000 in assistance.

• Award tiers: Buyers eligible to receive up to $50,000 through the program.
• 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?

Lift Up Homeownership is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• 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?

Lift Up Homeownership is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Lift Up Homeownership limits household income to 120% of the area median income, which varies by county and household size.

• Open to people of color earning up to 120% of area median income. FHLBank Boston defines a person of color as Black, American Indian, Alaska Native, Hispanic, Asian, and Native Hawaiian/Pacific Islander.
• 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?

Lift Up Homeownership can be used for Single Family, Condo, and 2-4 Unit.

Is there eligibility for specific groups?

Lift Up Homeownership names American Indian and Alaska Native buyers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Lift Up Homeownership serves buyers purchasing in Statewide, New Hampshire.

How do you apply?

Applications for Lift Up Homeownership go through Federal Home Loan Bank of Boston (FHLBank Boston), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Borrowers must complete a homebuyer counseling program prior to receiving a grant (FHLBank Boston-approved organizations; NH-approved include AHEAD, Inc., Community Home Solutions, GreenPath Financial Wellness, NeighborWorks Southern New Hampshire, New Hampshire Housing Finance Authority)..

2. 2

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

   Funds are reserved through Through approved FHLBank Boston member financial institutions (Community Lending system); homebuyers cannot apply directly., and are subject to availability.

3. 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.