HOULTON, Maine — Katahdin Trust has been selected to participate in Federal Home Loan Bank of Boston’s (FHLBank Boston) Housing Our Workforce program. The $2 million program offers a two-to-one match of down payments made at the time of purchase by eligible homebuyers.
Launched this year, HOW provides assistance with down payment costs to eligible homebuyers who earn more than 80 percent and up to 120 percent of the area median income.
“Many homeownership programs are designed to assist lower-income individuals and families,” explained Krista Putnam, Katahdin Trust’s senior vice president, marketing. “It is often challenging for those in a slightly higher income range to afford housing, particularly in communities where home prices are escalating.
“With this program, a greater number of borrowers who are incredibly important to the economic well-being of our communities will be able to achieve homeownership,” said Putnam.
Borrowers can receive up to $20,000 in assistance on a first-come, first-served basis from the bank. Loans are subject to credit approval. Buyers must also complete a homebuyer counseling program. Classes are available throughout the State of Maine or online for a modest fee. Class schedules can be found at www.mainehomeworks.org.
Depending on availability of funds, Katahdin Trust is eligible to receive up to $100,000 in 2019 through HOW.
For more information about HOW and other available grant programs, please visit the nearest Katahdin Trust branch office or go online to katahdintrust.com/down-payment-assistance.
