FHLBank Boston Lift Up Homeownership

FHLBank Boston Lift Up Homeownership is a grant for homebuyers in Rhode Island, administered by Federal Home Loan Bank of Boston (via participating member financial institutions). Enhanced down payment and closing cost grant assistance offered through FHLBank Boston member institutions to first-time, first-generation homebuyers in New England (including Rhode Island) earning no more than 120% of AMI. Homebuyers cannot apply directly to FHLBank Boston; they must work with an approved member institution. The 2026 program began April 1, 2026. Grant of up to $40,000 for income-eligible first-generation, first-time homebuyers; can be used for down payment, closing costs, and up to 2 discount points to buy down the interest rate. Forgivable after five years. Funding comes from FHLBank Boston (homeownership set-aside funds).

FHLBank Boston Lift Up Homeownership offers up to $40,000 in assistance. The program can be combined with other assistance, subject to the rules of each. 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 Lift Up Homeownership is structured as a grant, so it is not repaid. Repayment is triggered by Repayment calculation based on net proceeds and the homebuyer's capital investment if sold, transferred, or refinanced within five years; 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.

FHLBank Boston Lift Up Homeownership 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. Borrower must be a first-time homebuyer and at least one borrower must meet FHLBank Boston's first-generation definition (parents/legal guardian of at least one borrower do not and have not owned a home in the U.S., OR at least one borrower aged out of foster care). At least one adult borrower must complete first-time homebuyer education/counseling from an FHLBank Boston-approved agency. Maximum asset cap of $150,000. Homebuyer must contribute $1,000 of own funds (not a gift/gift of equity). Eligible properties: owner-occupied primary residences including 1-4 family homes, townhouses, condos, co-ops, and manufactured housing deeded as real estate. Cannot be layered with FHLBank Boston EBP, HOW, or Affordable Housing Program (may be combined with non-FHLBank local/state/federal DPA).

FHLBank Boston Lift Up Homeownership limits household income to 120% of the area median income, which varies by county and household size. Income no more than 120% of AMI as defined by HUD; 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.

FHLBank Boston Lift Up Homeownership names first-generation homebuyers 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.

FHLBank Boston Lift Up Homeownership serves homebuyers purchasing anywhere in Rhode Island.

Applications for FHLBank Boston Lift Up Homeownership 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.