Greylock has been awarded access to $250,000 as part of a Federal Home Loan Bank of Boston pilot program designed to provide financial assistance to people of color purchasing their first home.
Through the program, Lift Up Homeownership, Greylock will provide $50,000 in down payment and closing cost assistance to qualified borrowers on a first-come, first-served basis. The program is open to people of color earning up to 120% of the area median income to purchase their first home. Participants must complete a homebuyer counseling program before receiving program funds.
“The pool of funds available to Massachusetts financial institutions is relatively small,” said Greylock’s Vice President, Mortgage Originations Tara McCluskey. “Greylock intends to award their $250,000 allocation as soon as possible to make sure the funds find their way to the Berkshires before they run out.”
People of color is defined as Black, American Indian or Alaska Native, Hispanic, Asian, and Native Hawaiian or Pacific Islander borrowers. To learn more about applying for homebuying assistance through the Lift Up Homeownership program, call Greylock’s mortgage department at 413-236-4125.