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AllCom Credit Union offers assistance to homebuyers through FHLB Boston program

WORCESTER, MA (March 20, 2018) — AllCom Credit Union has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.

The $3.1 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $11,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.

“We are pleased to be able to offer this assistance to help ease some of the challenges associated with a home purchase. Homeownership is key to building wealth and creating financial stability, and programs that assist homebuyers are a critical component in ensuring that our communities continue to thrive,” said Debbie Guiney, President/CEO, AllCom Credit Union.

AllCom Credit Union is eligible to receive up to $110,000 in 2018 through the Equity Builder Program, depending on availability of funds.

Since 2003, the Equity Builder Program has awarded more than $35 million in EBP funds assisting 3,150 income-eligible households to purchase a home.

To learn more about applying for assistance, please contact Lynda Monahan at 508-754-9980 or loans@allcomcu.org.

About AllCom Credit Union

AllCom Credit Union is a full-service credit union in Worcester, Ma. Currently, the credit union has nearly $70 million in assets and over 4,500 members. Founded in 1922, we recently celebrated our 95th birthday. AllCom was originally chartered to provide financial services exclusively to employees of the Telephone Company, however, we now offer our competitive array of savings and loan products to everyone who lives, works or goes to school in Worcester County and 22 other communities in Middlesex County. To better reflect our growing and diverse membership, the Board of Directors formally changed our name in 2000 to AllCom Credit Union, replacing our original name, Central Massachusetts Telephone Workers’ Credit Union. In December 2001, AllCom Credit Union completed a merger with the former Commonwealth Gas Employees’ Credit Union and enthusiastically welcomed NStar employees and their families as members of AllCom Credit Union. In 2013, AllCom Credit Union was thrilled to welcome members of the Worcester Postal Credit Union and their families, further expanding the AllCom member base. The Board of Directors and Staff of AllCom Credit Union continue to build on this successful history and commitment to service. For more information on AllCom Credit Union, click here.

About FHLB Boston

The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.

Contacts

Lynda Monahan
508-754-9980
loans@allcomcu.org

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