Greenfield Cooperative Bank Offers Equity-building Assistance to Homebuyers
GREENFIELD — Greenfield Cooperative Bank and its Northampton Cooperative Bank Division has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
The $3.6 million program provides grants to financial institutions to assist households at or below 80% of the area median income. Borrowers are eligible to receive up to $15,000 in assistance on a first-come, first-served basis. Buyers must also complete a homebuyer-counseling program.
“Homeownership is not easily attainable for many households, so we are pleased to offer this assistance to help individuals and families purchase a home,” said Jane Trombi, senior vice president of Residential Lending at Greenfield Cooperative Bank. “Home ownership helps build wealth and create financial stability, and programs that assist homebuyers can be effective in adding to the vibrancy of our communities.”
Greenfield Cooperative Bank is eligible to receive up to $150,000 in 2019 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $38.8 million in funds, assisting 3,512 income-eligible households to purchase a home.
Credit approval and other conditions apply. For more information, contact Greenfield Cooperative Bank’s Residential Loan Origination Department at (413) 772-5000, ext. 490.