PITTSFIELD, Mass. — Pittsfield Cooperative Bank (The Co-op) has been approved to participate in the Lift Up Homeownership program, a Federal Home Loan Bank of Boston pilot program, designed to provide financial assistance to people of color purchasing their first home.

 

People of color is defined as Black, American Indian or Alaska Native, Hispanic, Asian, and Native Hawaiian or Pacific Islander borrowers.

 

Through Lift Up Homeownership (LUH), people of color earning up to 120 percent of the area median income are eligible to receive up to $50,000 in down-payment and closing cost assistance on a first-come, first-served basis to purchase their first home in New England. The program begins July 10, 2023 and $2.5 million has been allocated for all of New England. Homebuyers are required to complete a homebuyer counseling program prior to receiving LUH funds, and must have a signed purchase and sale agreement.

 

"At a time when home prices and mortgage interest rates have risen sharply in New England, the dream of owning a home is beyond the reach of many. The Co-op is pleased to participate in the Lift Up Homeownership program and offer people of color a critical stepping stone to realizing their homeownership goals," said President and CEO J. Jay Anderson.

 

To learn more about applying for homebuying assistance through the Lift Up Homeownership program and other programs Pittsfield Cooperative Bank offers in partnership with Federal Home Loan Bank of Boston and other organizations, please contact Mary Coughlin at 413-629-1605 or Rich Whalen at 413-629-1610.