BOSTON, MA - The Federal Home Loan Bank of Boston said Tuesday it awarded nearly $9.3 million in grants, loans, and rate subsidies to fund 240 units of affordable rental and ownership housing in several cities and towns, including Boston, Lawrence, Newton, Pittsfield and Westfield.
Of that amount, more than $4.3 million is in the form of grants or subsidies. In all, 28 initiatives received more than $17.5 million in grants, loans and rate subsidies. It is part of the bank's affordable housing program to create or preserve 445 rental and ownership units for families with low and moderate incomes.
Each year, the bank said it commits 10 percent of its net profit to provide grants and subsidized, below market-rate loans through the affordable housing program.
"The credit crisis has made the need for affordable housing even greater," said Michael Jessee, the Bank's president and chief executive officer. "Now more than ever, working families, seniors, and special needs populations need decent housing, and I'm proud that our contribution will help make that a reality for more than 400 individuals and families."
Source: Boston Business Journal