Greylock Federal Offers Assistance To Homebuyers Through FHLBank Boston Programs

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PITTSFIELD, Mass. — Greylock Federal Credit Union has been approved to participate in Federal Home Loan Bank of Boston's homeownership assistance programs, Equity Builder Program, Housing Our Workforce and Lift Up Homeownership.
 
All three programs help income-eligible homebuyers who are purchasing one- to four-family homes that will serve as their primary residence.
 
Equity Builder Program (EBP) provides grants to financial institutions to help local first-time homebuyers with down payments and closing costs as well as homebuyer counseling and rehabilitation assistance. Borrowers earning up to 80 percent of the area median income are eligible to receive up to $32,099 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling.
 
Housing Our Workforce (HOW) enables financial institutions to help local homebuyers earning more than 80 percent and up to 120 percent of the area median income with down payments and closing costs. Borrowers can receive up to $25,000 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling if they are a first-time homebuyer.
 
Lift Up Homeownership provides grant funding to financial institutions to assist first-generation homebuyers with incomes up to 120 percent of the area median income who are purchasing homes in New England. Income-eligible homebuyers may receive up to $40,000 for down payments and closing costs.
 
"These grant programs are designed to ease challenges associated with a home purchase, particularly at a time when home prices are high and are beyond the reach of many individuals and families. We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities," said Tara McCluskey, Greylock's Vice President, Mortgage Originations Manager.
 
Greylock is eligible to reserve up to $320,000 through the EBP, up to $250,0000 through HOW, and up to $400,000 for Lift Up Homeownership depending on availability of funds in 2026.
 
To learn more about applying for assistance through these programs, please contact the Greylock mortgage department at 413-236-4125.
 
Learn more about Greylock at greylock.org.
If you would like to contribute information on this article, contact us at info@iberkshires.com.

State Housing Secretary Tours Downtown Pittsfield Developments

By Brittany PolitoiBerkshires Staff

PITTSFIELD, Mass. — The state's new secretary of the Executive Office of Housing and Livable Communities on Monday saw how local developers are transforming historic buildings into downtown housing units. 

Secretary Juana Matias, appointed to the role in February, toured the former St. Joseph's High School on Maplewood Avenue and the near-complete Wright Building Block on North Street.   

Matias observed local leaders working collaboratively to dismantle bottlenecks in housing production, something she said the administration wants to see across all 351 municipalities.  

"This is a perfect model of the partnerships we want to see, and we love coming to the ground and seeing how people are leveraging public taxpayer dollars to help address the issue of our time, which is housing production," she said after the tours. 

Developer David Carver, of Scarafoni Associates & CT Management Group, is seeking support from the state Housing Development Incentive Program to transform St. Joe's into apartments, and Allegrone Companies has secured millions from the program towards the Wright Building renovation

They first visited the shuttered school that functioned as a shelter during the onset of the COVID-19 pandemic, greeted by broken windows and leaving with Carver's vision. 

The plan is to transform the school with good bones into 19 apartments, 20 percent designated affordable, and 30 percent of the building for commercial use.  Units are expected to cost between $1,700 and $1,900 per month; 14 one-bedroom units and five two-bedroom units are planned. 

The project team is in talks with the nearby Berkshire Family YMCA to expand their childcare activities to the building's lower level.  Residents and the daycare would use different entrances. 

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