FHLBank Boston Announces 2024 Affordable Housing Funds

These projects will create or preserve 1,246 rental and homeownership units for individuals and families earning up to 80% of the area median income.

The grants and loans will be used for construction, acquisition, or rehabilitation costs. Financial institutions that are members of FHLBank Boston work with local developers to apply for funding, which is awarded through a competitive scoring process.

"FHLBank Boston is proud to partner with our members to meet the housing and community development needs of the communities they serve. At a time when escalating housing costs make it challenging to secure stable and safe housing in many parts of New England, finding ways to produce and preserve rental and ownership housing for households with limited options is vital," said FHLBank Boston President and Chief Executive Officer Timothy J. Barrett.

"The housing shortage crisis has made it increasingly difficult to find safe and affordable housing in Vermont. Supporting investments in programs like FHLBank Boston's that reduce barriers to secure stable and safe housing is vital to addressing this crisis," said Vermont Sen. Peter Welch. "These funds will help meet affordable housing and community development needs in New England and across the country."

"Affordable, reliable housing is foundational to the success of working families. In New Hampshire, we're facing a housing shortage that is impacting our communities and our economy," said New Hampshire Sen. Jeanne Shaheen. "It's crucial we continue to find ways, like these Affordable Housing Program Awards, to continue bringing federal housing investment to the Granite State and support efforts that add affordable units, increase supply and bring costs down."

For details on each housing initiative, please visit here .