December 3, 2007
Bank Grant For Worcester Homeless Project
By Matthew L. Brown
The Federal Home Loan Bank of Boston awarded $3.2 million in grants, loans, and rate subsidies to fund 252 units of affordable housing in Worcester and five other Massachusetts cities.
In Worcester, a $340,000 grant and a $350,000 advance will be used to buy and rehabilitate a Dayton Street building into 16 single-room units for very low income or homeless people. Residents of the building would be required to work at the property. The project is being financed through Framingham Cooperative Bank.
Amherst, Boston, Haverhill, Hull and Plymouth also received funds from the FHLB. In all, 25 New England initiatives received more than $16 million in grants, loans and rate subsidies as part of the bank's affordable housing program.
The program seeks to preserve 674 rental and ownership units for low- and moderate-income individuals and families.
The bank sets aside 10 percent of its net profits to provide grants and subsidized, below market-rate loans through the affordable housing program each year.
In Worcester, a $340,000 grant and a $350,000 advance will be used to buy and rehabilitate a Dayton Street building into 16 single-room units for very low income or homeless people. Residents of the building would be required to work at the property. The project is being financed through Framingham Cooperative Bank.
Amherst, Boston, Haverhill, Hull and Plymouth also received funds from the FHLB. In all, 25 New England initiatives received more than $16 million in grants, loans and rate subsidies as part of the bank's affordable housing program.
The program seeks to preserve 674 rental and ownership units for low- and moderate-income individuals and families.
The bank sets aside 10 percent of its net profits to provide grants and subsidized, below market-rate loans through the affordable housing program each year.
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