Pittsfield Cooperative Bank Offering Homeowner Assistance
The Pittsfield Cooperative Bank has been chosen to participate in the Equity Builder Program of the Federal Home Loan Bank of Boston, which helps local homebuyers with down payments, closing fees, and homebuyer counseling and rehabilitation. The Pittsfield Cooperative Bank has been in operation for over 130 years, originally founded in 1889. Depending on available funding, the Pittsfield Cooperative Bank could receive up to $220,000.00 through the Equity Builder Program in 2022.
The Equity Builder Program (EBP) provides down-payment, closing cost, and home renovation assistance to buyers earning up to 80% of the area median income, as well as homebuyer education and counseling. On a first-come, first-served basis, borrowers can obtain up to $22,000.00 in assistance. A homebuyer counseling program is also required of all buyers.
“This grant program is designed to ease some of the challenges associated with a home purchase, particularly in areas where home prices are on the rise. We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities,” said J. Jay Anderson, President, and CEO, of Pittsfield Cooperative Bank.
Since its beginning in 2003, the Equity Builder Program has granted more than $48.9 million in funding to help 4,251 low-income families buy a home.