Ives Bank, formerly Savings Bank of Danbury, will provide financial assistance to homebuyers in the northeast through a partnership with the Federal Home Loan Bank of Boston.

In March, Ives Bank received approval to participate in FHLBank’s Equity Builder Program and Housing Our Workforce program.

“These grant programs are designed to ease some challenges associated with a home purchase, particularly at a time when home prices have risen sharply and are beyond the reach of many individuals and families,” said Ives Bank President and CEO Martin Morgado in a press release. “We are pleased to participate to help borrowers become homebuyers, while also supporting the financial stability and vitality of our communities.”

The Equity Builder Program empowers financial institutions to assist local first-time homebuyers with down payments and closing costs. Borrowers earning up to 80% of the area median income can receive up to $25,000.

Through the Housing Our Workforce program, local homebuyers earning more than 80% and up to 120% of the area median income can receive up to $25,000 toward down payments and closing costs.

To qualify for assistance, buyers must complete homebuyer education and counseling.

Contingent on funding for 2025, Ives Bank can reserve up to $250,000 through each grant.