Greenfield Cooperative Bank offers assistance to homebuyers

GREENFIELD — Greenfield Cooperative Bank has been approved to participate in Federal Home Loan Bank of Boston’s homeownership assistance programs, Equity Builder Program and Housing Our Workforce. Both programs provide assistance to income-eligible homebuyers who are buying one- to four-family homes that will serve as their primary residence.

The Equity Builder Program 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% of the area median income are eligible to receive up to $30,806 in assistance on a first-come, first-served basis. Buyers must complete homebuyer education/counseling.

Housing Our Workforce enables financial institutions to help homebuyers earning between 80% and 120% of the area median income with down payments and closing costs. Borrowers can receive 10% of the home sales price or 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.

“These grant programs are designed to ease some challenges associated with a home purchase, particularly at a time when home prices have risen sharply and are beyond the reach of many individuals and families,” Jane H. Wolfe, executive vice president of residential lending with Greenfield Cooperative Bank, said in a statement. “We are pleased to participate to help borrowers become homebuyers while also supporting the financial stability and vitality of our communities.”

Greenfield Cooperative Bank is eligible to receive up to $350,000 through the Equity Builder Program and up to $260,000 through Housing Our Workforce depending on availability of funds in 2024.

To learn more about applying for assistance through these programs, contact one of the following individuals:

■Missy Tetreault, vice president of mortgage origination, at 413-773-6180 or mtetreault@greenfieldcoopbank.com.

■Victor H. Rodriguez Sr., assistant vice president and mortgage originator, at 413-322-7114 or vrodriguez@greenfieldcoopbank.com.

■Kimberlee Gates, mortgage originator, at 413-322-7116 or kgates@greenfieldcoopbank.com.