Katahdin Trust offering grants to help eligible homebuyers
Katahdin Trust Co., a Houlton-based bank with 16 branch offices, was once again 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.
The $3.1 million program provides grants to financial institutions to assist households at or below 80% of the area median income. 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.
Depending on availability of program funds, Katahdin Trust is eligible to receive up to $110,000 in 2018.
“We are pleased to be able to offer this assistance to help ease some of the challenges associated with a home purchase,” Katahdin Trust Vice President Leslie Gardner said in a news release. “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.”
Gardner said participation in the program will enable Katahdin Trust to assist up to 10 families throughout Maine who might otherwise think that buying a home is out of reach.
Borrowers are eligible to receive assistance on a first come, first served basis. Loans are subject to credit approval. Buyers must also complete a homebuyer counseling program. Class schedules can be found at www.mainehomeworks.org .
For more information about the Equity Builder Program, go here.
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