Housing Our Workforce Program

We’re proud to participate in the 2021 Housing Our Workforce (HOW) Program, funded by the Federal Home Loan Bank of Boston.

The HOW Program provides 1:1 down payment matching funds, up to $10,000, to eligible households purchasing an eligible property. The matching funds are five-year “forgivable” grants – which means they do not need to be repaid, as long as you don’t sell your home for the first five years.*

The funds may be used in conjunction with either our conventional loan programs or our specialized loan programs like MassHousing, HomeReady^® and Home Possible^®. The number of available grants is limited, and awarded on a first-come, first-served basis.

This program is similar to the Equity Builder Program, but with higher income limits, purchase price limits, and a singular focus on down payment assistance.

Eligibility

• Households earning more than 80% but not more than 120% of the area median income (AMI) of their future property are eligible to apply. (We can calculate your AMI for you.)
• The future property must be a one- to four-family, owner-occupied, primary residence.
• The future property’s purchase price must not exceed the average area purchase price for mortgage revenue bonds. (We can help you with this too.)
• First-time homebuyers must complete an approved homebuyer education course.

Find Out if You Qualify

Have a conversation with one of our lenders today about the Housing Our Workforce Program. We’ll be able to tell you if you qualify with just a few pieces of information. If you do, we’ll be glad to help you prepare a HOW Program grant application.

*A portion of the grant may need to be repaid if you sell your home within the first five years. Households that participate in the Housing Our Workforce Program will receive a Homebuyer Information document that describes the details of the program and other information to assist borrowers in understanding the program, their obligations, and their repayment options.

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