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FHLBank Boston Housing Our Workforce (HOW)

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

Last verified
See what you qualify forOfficial program site →
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 FHLBank Boston Housing Our Workforce (HOW)?

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

  • Down payment and closing cost grant assistance offered through FHLBank Boston member institutions to homebuyers in New England (including Rhode Island) earning more than 80% and up to 120% of AMI. Grants are made to eligible borrowers when they close on a mortgage with a participating member; homebuyers cannot apply directly to FHLBank Boston.
  • For 2026, grants of up to $25,000 for down payment and closing cost assistance. Forgivable after five years from the closing date.
  • Funding comes from FHLBank Boston (homeownership set-aside funds).

How much assistance does it provide?

FHLBank Boston Housing Our Workforce (HOW) offers up to $25,000 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 Housing Our Workforce (HOW) is forgiven after 5 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Pro-rated repayment if the property is sold, transferred, or refinanced within five years of closing (only when calculated repayment exceeds $2,500); refinances may be subordinated at FHLBank Boston discretion.
  • 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) 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
  • Homebuyer income must be more than 80% and up to 120% of AMI (households at or below 80% AMI are instead directed to EBP). Maximum asset cap of $150,000 (includes deposits and cash to close). Owner-occupied primary residence only; any current primary residence must be sold prior to purchase (cannot convert to investment property). Homebuyer must contribute $2,000 of own funds (not a gift or gift of equity), evidenced on the P&S agreement. A signed offer/P&S with property address is required at enrollment; first-come, first-served. Repayment is pro-rated and due only if home is sold/transferred/refinanced within 5 years and only if the repayment amount exceeds $2,500.

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?

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

  • Income more than 80% and up to 120% of AMI (AMI derived from the specific state/city/town); maximum asset cap of $150,000.
  • 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 Housing Our Workforce (HOW) serves buyers purchasing anywhere in Rhode Island.

How do you apply?

Applications for FHLBank Boston Housing Our Workforce (HOW) 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. 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.

  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.

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