Products and Solutions Guide - Federal Home Loan Bank of Boston

Fixed-Rate Advances – New England FundNew England FundDiscounted advances that support affordablehousing and economic developmentinitiatives.The New England Fund offers low-cost, fixed-rate advancesfor eligible affordable housing and economic developmentinitiatives that benefit households or neighborhoods withincomes up to 140 percent of the area median familyincome.Member institutions may apply to the NEF for funding insupport of proposed developments, programs, or loans thatmeet the eligibility guidelines specified below. Mortgageloans eligible for the NEF include those originated orpurchased by members.Income GuidelinesWhere mentioned below, “area median income” and AMIrefer to the area median income as defined by the U.S.Department of Housing and Urban Development. You canuse the Federal Financial Institutions Examination Council’sGeocoding System to determine the median-incomepercentage for a particular address.Eligible One- to Four-Family LoansOne- to four-family mortgage loans are eligible if they are:• Made to individual homeowners whose incomes do notexceed 140 percent of the area median income;• Part of a Massachusetts 40B initiative where the loansupports an “affordable” subdivision or condominiumwhere the incomes of at least 25 percent of the individualhomeowners will not exceed 80 percent of the AMI; or• Part of a Massachusetts 40R initiative or Rhode IslandComprehensive Permit initiative where the loan supportsan “affordable” subdivision or condominium where theincomes of at least 20 percent of the individual homeownerswill not exceed 80 percent of the AMI.Residential Multifamily Rental and CooperativeMortgagesMultifamily rental or cooperative projects are eligible if:• The incomes of at least 80 percent of the residents donot exceed 140 percent of the AMI;• The rents for at least 80 percent of the units are affordableto residents whose incomes do not exceed 140percent of the AMI (i.e., affordable rents do not exceed30 percent of 140 percent of the AMI);• Part of a Massachusetts 40B initiative where 25 percentof the units are affordable to residents whose incomesdo not exceed 80 percent of the AMI;• Part of a Massachusetts 40R initiative or Rhode IslandComprehensive Permit initiative where at least 20 percentof the units are affordable to residents whose incomesdo not exceed 80 percent of the AMI; or• The project qualifies for Low Income Housing Tax Credits,whether or not such credits are used.credit productsMain Telephone: 617-292-9600 • Customer Service: 1-800-358-9709 • Money Desk: 1-800-357-3452 • Relationship Managers, MPF, and Housing & Community Investment: 1-888-424-3863 16