Daily News

Monson Savings Bank Offers Homebuying Assistance for People of Color

MONSON — Monson Savings Bank recently announced it will once again be a participating partner in the Lift Up Homeownership program, a Federal Home Loan Bank of Boston program designed to provide financial assistance to people of color purchasing their first home.

“Monson Savings Bank is enthusiastic about serving and supporting all consumers in our communities. It is our goal to assist everyone in accomplishing their financial goals. For many, homeownership can feel out of reach, but we work to make it possible,” said Michael Rouette, executive vice president and chief operating officer at Monson Savings Bank. “We were thrilled when we heard about the Lift Up Homeownership program. We knew immediately it was a program we wanted to participate in to provide people in our communities an increased chance to purchase a home.”

Through Lift Up Homeownership (LUH), people of color earning up to 120% of the area median income are eligible to receive up to $50,000 in down-payment and closing-cost assistance. The funds provided through LUH are available on a first-come, first-served basis for first-time homebuyers purchasing a home in New England. Homebuyers are required to complete a homebuyer counseling program prior to receiving LUH funds.

Federal Home Loan Bank of Boston defines a person of color as an individual that self-identifies as Black, American Indian, Alaska Native, Hispanic, Asian, Native Hawaiian, or Pacific Islander. Those who apply for the program will be required to self-certify their race or ethnicity by completing a self-certification form provided by the bank.

“Homeownership is an amazing way for people to immediately improve their family’s current living circumstances and build generational wealth. It is my passion to help families purchase their first home, and I look forward to helping community members of color achieve their homeownership goals,” said Terry Poloski, vice president and residential loan officer at Monson Savings Bank.

To learn more about applying for homebuying assistance through the Lift Up Homeownership program, contact Terry Poloski at (413) 267-1232 or [email protected].