Greenfield Cooperative Bank offering equity building assistance to homebuyers

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Staff Report
Published: 6/12/2019 6:09:43 PM

GREENFIELD — Greenfield Cooperative Bank and its Northampton Cooperative Bank division have been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with downpayment and closing costs as well as homebuyer counseling and rehabilitation assistance.

According to a bank press release, the $3.6 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $15,000 in assistance on a first-come, first-serve basis. Buyers must also complete a homebuyer counseling program.

“Homeownership is not easily attainable for many households, so we are pleased to offer this assistance to help individuals and families purchase a home,” said Jane W. Trombi, senior vice president of residential lending at Greenfield Cooperative Bank. “Homeownership helps build wealth and create financial stability, and programs that assist homebuyers can be effective in adding to the vibrancy of our communities.”

Greenfield Cooperative Bank is eligible to receive up to $150,000 in 2019 through the Equity Builder Program, depending on the availability of funds.

Since 2003, the Equity Builder Program has awarded more than $38.8 million in EBP funds, helping 3,512 income-eligible households to purchase a home.

Credit approval and other conditions apply. Contact Greenfield Cooperative Bank’s Residential Loan Origination Department at 413-772-5000, ext. 490 for more information.

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