WESTERLY, R.I. – Westerly Community CU was awarded a $100,000 grant from the Federal Home Loan bank of Boston to help secure home ownership for low- to moderate-income households.
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The FHLB’s Equity Builder grant will be distributed in amounts up to $10,000 to help eligible homeowners pay down payment and closing costs on mortgages. The credit union is offering $575 off closing costs, as well as low, fixed interest rates for first-time borrowers.
Households earning 80% of the area median income are eligible for this program, equal to $59,600 according to 2011-2012 U.S. Dept. of Housing and Urban Development median income limit for Rhode Island counties.
