Washington Trust expands access to homeownership locally in a tight housing market
June 29, 2026
In recognition of June as National Homeownership Month, The Washington Trust Company (Washington Trust), today announced it is facilitating 37 home purchases through Federal Home Loan Bank of Boston (FHLBank Boston) grants and Rhode Island’s AnchorHome initiative—two affordable lending opportunities that help reduce barriers to homeownership in a tight housing market.
Washington Trust is a participating lender for RI’s AnchorHome loan program and FHLBank Boston’s Equity Builder, Housing Our Workforce, and Lift Up Homeownership programs. The FHLBank Boston grants, which do not need to be repaid, help offset two of the biggest barriers to buying a home: the down payment and closing costs. AnchorHome is a state-backed initiative that provides a 30-year mortgage with a lower fixed interest rate and waives the private mortgage insurance (PMI) requirement for borrowers who do not have a 20% down payment.
For the 2026 program year, which began in April, Washington Trust expects to help borrowers purchase a total of 37 homes using a FHLBank Boston Equity Builder, Housing Our Workforce, or Lift Up Homeownership grant, and/or a RI AnchorHome loan. The 37 home purchases span Rhode Island, Massachusetts and Connecticut, reflecting the Bank’s broader regional footprint, and include $713,000 in FHLBank Boston grant assistance as well as more than $9 million in AnchorHome loans.
“Access to safe, affordable housing is critical for the long-term success of our communities,” said Rolando Lora, executive vice president and chief lending officer at Washington Trust. “Through our partnership with RI AnchorHome and FHLBank Boston, we are helping first-time buyers overcome barriers and build long-term financial stability.”
FHLBank Boston’s Equity Builder program supports low- to moderate-income first-time buyers with grants of up to $32,099 for down payment and closing costs, while Housing Our Workforce provides grants up to $25,000 to moderate-income households. The Lift Up Homeownership program is designed for lower-income buyers, including those purchasing their first home without generational support or individuals who have aged out of foster care, and offers grants up to $40,000.
As an approved participating lender for both FHLBank Boston and RI AnchorHome, Washington Trust helps manage the applications and delivery of grant funds for eligible borrowers.
Together, the FHLBank Boston and AnchorHome initiatives highlight how layered public-private partnerships can play a critical role in expanding homeownership opportunities, particularly for first-time buyers navigating a competitive and increasingly expensive market.
“These programs are making a meaningful difference,” Lora said. “They are opening doors for people who may have thought homeownership was out of reach.”
Washington Trust is committed to making homeownership more attainable and sustainable for underserved and first-time buyers through its Path to Homeownership and community lending initiatives, such as the I Luv RI® Community Lending program, which helps individuals and families overcome common financial barriers to buying a home.
As affordability pressures persist across the Northeast, programs like these are proving essential to helping more individuals and families secure a path to homeownership — whether in Rhode Island or across the broader region.
Data on the amount and number of FHLBank Boston homeownership assistance grants awarded in 2025 (most recent data available) are posted on the FHLBank Boston website at: 2025 FHLBank Boston Report - FHLBank Boston.