Bank announces infusion for affordable housing
The Federal Home Loan Bank of Boston said today it will give a $10.2 million infusion to affordable-housing programs in six Massachusetts communities, including two programs in Boston.
According to its website, the Federal Home Loan Bank of Boston is a "bank for banks" that is cooperatively owned by more than 450 New England financial institutions. Part of its mission is to commit 10 percent of its annual net profits to provide grants and below-market rate loans that support such goals as affordable housing and community economic growth, with an emphasis on programs that target lower-income households.
Besides programs in Boston's Beacon Hill and Dorchester neighborhoods, the $10.2 million infusion will help support programs in Beverly, Framingham, Greenfield, Watertown, and Lawrence; collectively, the programs will receive funding to support 390 housing units, the bank said.
(By Chris Reidy, Globe staff)