Commerce Bank shares in home rehab grant
Commerce Bank said it and Habitat for Humanity—MetroWest/Greater Worcester have been awarded a $50,000 grant by the Federal Home Loan Bank of Boston that will help fund the rehabilitation of a single-family home in Auburn.
Commerce, based in Worcester, said the home will be converted into a duplex that will provide affordable housing for two low-income families.
The grant is part of the Federal Home Loan Bank’s 2013 Affordable Housing Program (AHP), which awarded more than $20 million to support affordable housing initiatives throughout New England. Each year, funding for projects submitted to the AHP by member institutions, such as Commerce Bank, is awarded in a single competitive round.
The Auburn house, located at 4 Homestead Ave. in Auburn, has been vacant since 2012. Habitat will convert the single-family ranch into a handicap accessible unit and add an additional second-story unit, with construction scheduled to begin in August, Commerce said.
When completed, the two homes will be sold to pre-qualified homeowners who demonstrate a need for housing, the ability to partner with Habitat and the ability to pay a mortgage. Families earn 25% to 60% of the area median income, attend homeownership and budgeting classes and contribute 400 to 500 hours of sweat equity. Habitat provides a 0%-interest mortgage. To insure homeowner success, prospective homeowners must attend training and work with a Habitat Family Partner who serves as a mentor.
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