Grafton Suburban Credit Union has received a $150,000 federal grant that will allow it to assist first-time home buyers.
GSCU said qualifying home buyers will be eligible for up to $15,000 in down payment and closing cost assistance.
“The … program provides us with a tremendous opportunity to enrich the surrounding community by making home ownership a possibility for many first-time buyers,” Karl Moisan, senior vice president and senior lender, said in a statement.
Some $112,500 is available now to qualifying buyers through the Federal Home Loan Bank’s Equity Builder Program, with the remaining $37,500 to be released in the fall. Assistance is available until the entire grant is distributed, the credit union said.
GSCU is one of 125 banks and credit unions in New England approved to access the Equity Builder Program’s $2.7 million pool. This is the first time the credit union has been accepted for this program.
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