The Federal Home Loan
Bank of Boston's New England Fund (NEF) provides member
financial institutions with advances to support housing
and community-development initiatives that benefit moderate-income
households and neighborhoods. The NEF serves a broader
range of moderate-income households than the Bank's Community
Development advance and provides special flexibility
for mixed-income residential development.
Advances for Housing
In general, the NEF can be used to finance affordable
homeownership and rental housing opportunities for families
with incomes at or below 140 percent of the median income
for the area.
NEF advances can be used to fund loans for acquisition,
refinancing, construction, and/or rehabilitation. Examples
of eligible uses include single-family houses, cooperatives,
and condominiums; single-room-occupancy and multifamily
rental housing; and first-time home-buyer programs.
Advances for Economic Development
The NEF can be used to fund commercial and economic
development that benefits low- and moderate-income (up
to 80 percent of area median) individuals, households,
Examples of eligible uses include office, retail, and
commercial space; loans to businesses and nonprofits;
and infrastructure development.
NEF funds are available as Classic, Member-Option, and
- Classic advances are fixed-rate advances
with interest due monthly and principal due at maturity.
- Member-Option advances are fixed-rate advances
that are repayable without fee on specified cancellation
- Amortizing advances are fixed-rate advances with monthly payments of
interest and principal.
Other NEF advances may be available; members should
contact the Housing and Community Investment Department 1-888-424-3863, for more information.