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Helping to House New England

The Federal Home Loan Bank of Boston's Helping to House New England program is a three-year, $15 million subsidy program dedicated to expanding affordable rental and homeownership financing through the six New England Housing Finance Agencies. We share a common mission of providing funding for the affordable rental and homeownership needs of low- and moderate-income households. Specifically tailored for HFAs, the subsidy will be used to write down interest rates to zero percent on Classic advances for the purpose of expanding affordable rental and homeownership initiatives. Beginning February 1, 2016, HHNE will provide up to $5 million per year through 2018 on an estimated per-capita basis to each of the New England HFAs. Additionally, HHNE advances will not be subject to any prepayment fees.


Apply Online


HHNE-funded advances must support targeted initiatives serving individuals and families who qualify for loans under the HFA's income guidelines for comparable loans. Examples of potential uses include, but are not limited to, short-term construction lending, workforce housing, deferred loan programs for homeownership, multifamily loan refinance, and rental housing expansion, particularly in areas with job growth that exceeds the supply of rental units. 

HFAs will be required to submit an online application describing how the HHNE advance will be used to meet one of the above requirements.

HHNE Leverage Potential

HFAs can utilize HHNE funds to write down the interest rate of Classic advances for initiatives that meet the eligibility requirements and are approved by the Bank. For example, $500,000 of an interest-rate subsidy could result in approximately $6 million in a five-year HHNE advance or $60 million in a one-year HHNE advance.


HFAs apply online for HHNE funding starting February 1, 2016. The Bank will notify HFAs of the status of an application and with requests for additional information within 10 business days.


HHNE advances are available and allocated on an estimated per-capita basis, with a
10 percent (or $500,000) floor as the minimum allocation per state.

Available Products and Maturities

HHNE advances are available to HFAs as zero-percent Classic advances with maturities of one- to 10-years. Members may apply for HHNE funds either in the full amount or through multiple smaller requests.

Take-Down and Disbursement

Taking down an HHNE advance is similar to the normal advance disbursement process, with the addition of an HHNE application. Once the application is approved, a Supplement A form must be filed three days prior to requesting the disbursement of funds. Further instructions will be provided upon application approval.


The 2016 HHNE applications and approved (but not disbursed) funds expire on December 31, 2016.  Demand may result in the full disbursement of the program's subsidy prior to year-end. If an HFA will be unable to utilize the HHNE funding, please notify the Bank by June 30, 2016 so that funds may be reallocated to the other New England HFAs. Any subsidy unused by December 31, 2016 cannot be carried over into the following year.

Reporting Requirements

Applications approved under the HHNE program are subject to the Bank's HHNE reporting requirement. HFAs will be required to report on the actual use of the HHNE funds, along with the rationale for the spread charged over the zero-percent advance rate. This report, filed on the Bank's online reporting tool, will be required by the one year anniversary of disbursement of each HHNE advance.


For more information, please contact an HHNE representative on the Housing and Community Investment team, listed below.

  • Kathy Naczas Office Phone icon 617-292-9646
    Senior Community Investment Manager

  • Ken Willis Office Phone icon 617-292-9631
    First VP / Director of Housing and Community Investment
Community Lending Plan Adobe PDF icon
Rates Specials
Products and Solutions Guide Adobe PDF icon
FAQs: Helping to House New England Adobe PDF icon