Commerce Bank and Habitat for Humanity MetroWest/Greater Worcester have been awarded a $25,000 grant by the Federal Home Loan Bank of Boston, to help fund the rehabilitation of a single-family home in Worcester for a wounded veteran and his or her family.
Worcester-based Commerce Bank said in a statement Wednesday that the grant is part of the Federal Home Loan Bank of Boston's 2014 Affordable Housing Program which awarded $44.8 million to support affordable housing initiatives in the six New England states.
Located at 79 Kendig Street in Worcester, the house was donated to Habitat for Humanity by the College Hill Civic Association. Upon completion of the renovations, the house will be ADA- compliant if needed, LEED-certified, and Worcester's first net-zero-energy affordable home. It is Habitat for Humanity's first Veterans Build project.
The home will be sold to a veteran who demonstrates a need for housing, the willingness to partner with Habitat and the ability to pay a mortgage. Qualified families earn 25 percent to 60 percent of the area median income, attend homeownership and budgeting classes and contribute 400 to 500 hours of sweat equity. Habitat provides a 0%-interest mortgage.
"We are pleased to help Habitat for Humanity carry out their mission of building homes, communities and hope, and thank the Federal Home Loan Bank of Boston for their support of this Veterans Build project," said Commerce Bank President and CEO Brian W. Thompson. "It is especially gratifying to know that it will become home for a veteran who has given much in service to our country."