Bank of Canton Partners with MassHousing on Tax Credit Loan Program

August 6, 2009 – Stephen P. Costello, President and CEO of Bank of Canton, is pleased to announce the Bank has agreed to participate in Massachusetts Housing Finance Agency’s (MassHousing’s) Tax Credit Loan Program. Bank of Canton expects to be an active lender in the new loan program offering first-time homebuyers an $8,000 federal tax credit that can be used toward a down payment or closing costs at the time of closing rather than having to wait to receive a tax credit when filing their income taxes.

“We’re thrilled to be a participating lender for the Tax Credit Loan Program and will continue our commitment to making affordable home mortgages available to first-time homebuyers in Massachusetts,” said Mr. Costello. “MassHousing is an outstanding organization dedicated in their efforts to stimulate home sales throughout the Commonwealth. This innovative program monetizes the existing tax credit allowing prospective owners to qualify for an affordable mortgage.”

“Bank of Canton has been extremely active in helping MassHousing achieve its goals and we are excited to have them participating in our Tax Credit Loan Program,” said Maureen Moriarty, Relationship Manager of MassHousing. “We are thankful for their ongoing support in helping Massachusetts residents realize their dreams of homeownership.”

First-time homebuyers applying for a MassHousing mortgage loan on or after July 14, 2009 may be eligible for the Tax Credit Loan. Consumers must purchase a one-to-four-family home by November 30, 2009. No interest is charged if the Tax Credit Loan is repaid by June 1, 2010.

This past May, MassHousing honored Bank of Canton as the Top Producer in the Commonwealth of MassHousing mortgage loans. The Bank was also presented with the Top Lender to Lower Income Borrowers award.