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).

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.

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.

FHLBank Boston Equity Builder Program (EBP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required. 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.

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.

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

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