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FHLBank Boston Equity Builder Program (EBP)

Federal Home Loan Bank of Boston (via participating member financial institutions) · Rhode Island

Last verified
See what you qualify forOfficial program site →
Assistance

$32,099

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

Repayment

Grant

Not repaid

What is FHLBank Boston Equity Builder Program (EBP)?

FHLBank Boston Equity Builder Program (EBP) is a grant for homebuyers in Rhode Island, administered by Federal Home Loan Bank of Boston (via participating member financial institutions).

  • Grants offered through FHLBank Boston member banks and credit unions to help income-eligible first-time homebuyers (earning up to 80% of AMI) in New England, including Rhode Island, with down payment, closing cost, rehabilitation costs, interest rate buydown, and homebuyer counseling. Homebuyers cannot apply directly; they must work with an approved FHLBank Boston member institution.
  • Grants of up to $32,099 for down payment, closing costs, up to 2 points of interest rate buydown, rehabilitation costs associated with purchase, and up to $500 of homebuyer counseling.
  • Funding comes from FHLBank Boston (Affordable Housing Program / homeownership set-aside funds).

How much assistance does it provide?

FHLBank Boston Equity Builder Program (EBP) offers up to $32,099 in assistance.

  • Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Boston (via participating member financial institutions) determines any individual award.

Do you have to pay it back?

FHLBank Boston Equity Builder Program (EBP) is structured as a grant, so it is not repaid.

  • 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 Equity Builder Program (EBP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A completed homebuyer education course
  • First-time homebuyers only; homeownership education/counseling required for first-time homebuyers through an FHLBank Boston-approved counseling organization. Grants cannot be combined with FHLBank Boston's Affordable Housing Program, Housing Our Workforce, or Lift Up Homeownership. Cannot be used to reimburse earnest money or return more than $250 cash to the homebuyer. Available only through approved FHLBank Boston member institutions. The $32,099 maximum should be re-verified against the current program-year written plan.

The program excludes

  • Households above 80% 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?

FHLBank Boston Equity Builder Program (EBP) limits household income to 80% of the area median income, which varies by county and household size.

  • Household income up to 80% of the area median income (AMI), per FHLBank Boston income calculation guidelines.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Where does it apply?

FHLBank Boston Equity Builder Program (EBP) serves buyers purchasing anywhere in Rhode Island.

How do you apply?

Applications for FHLBank Boston Equity Builder Program (EBP) go through Federal Home Loan Bank of Boston (via participating member financial institutions), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program before funds are reserved.

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

    Funds are reserved with the provider 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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