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New England Fund

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, or neighborhoods.

Examples of eligible uses include office, retail, and commercial space; loans to businesses and nonprofits; and infrastructure development.

Funding Options

NEF funds are available as Classic, Member-Option, and Amortizing advances.

  • 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 dates.

  • 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 for more information.

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