Bank awards $3.2 million for affordable housing

The Federal Home Loan Bank of Boston said today it has awarded $3.2 million in grants, loans, and rate subsidies to fund 252 units of affordable housing across the state.

According to its website, the bank is a bank for banks that is cooperatively owned by more than 450 New England financial institution and that provides access to wholesale credit for these members and other qualified borrowers.

Each year, the bank said it sets aside 10 percent of its net profits to provide grants and subsidized, below-market rate loans through its affordable housing program.

The $3.2 million will help fund affordable housing projects in Amherst, Boston, Haverhill, Hull, Plymouth, and Worcester, the bank said.
(By Chris Reidy, Globe staff)