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FHLBank Boston Lift Up Homeownership

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

Last verified
See what you qualify forOfficial program site →
Assistance

$40,000

The maximum the program publishes — not an offer

Income limit

120% AMI

Of area median income; varies by county and household size

Repayment

Grant

Not repaid

What is 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).

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

FHLBank Boston Lift Up Homeownership 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
  • 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).

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 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.

Is there eligibility for specific groups?

FHLBank Boston Lift Up Homeownership names first-generation 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?

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

How do you apply?

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.

  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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