Westerly Community CU Gets FLHB Affordable Housing Grant
WESTERLY, R.I. – The Federal Home Loan bank of Boston has awarded Westerly Community CU a $100,000 grant to help low- and moderate-income households with home ownership.
Under the FHLB’s Equity Builder grant, the credit union will be able to award up to $10,000 per eligible family in down payment and closing costs. The awards will be available on a first-come, first-served basis until all the funding is gone.
The credit union said it will offer reduced interest rates for first-time borrowers under the program. It also would take $575 off closing-related costs.
Households that earn 80% of the area's median income are eligible to participate in the bank equity builder program.