Local 26 Housing Assistance Plan

What is it?

Local 26 members with two or more years of continuous active enrollment in the Health Insurance benefit program may be eligible for a loan for home buyers up to the amount of $10,000.00.

Am I eligible?

To qualify, actively working Local 26 members must have two or more years of continuous coverage in the Health Insurance benefit program. The member, member’s spouse, or member’s domestic partner must have no ownership of any other property including rental property.

Are there any restrictions on what property I can buy?

The loan may only be used where the purchased property will be the primary residence of the Local 26 member.   The benefit must be applied for prior to the purchase of the property and must be utilized at the closing.  The loan may only be used towards a property within 55 commuting miles to your work location.

For more about this and to find out if you are eligible for the Housing Assistance Program, contact the Trust Office at 617-451-0318 or by email at housing@gbhetrust.org.

What can the loan be used for?

The loan may be used towards a down payment or closing costs.  The loan is interest free and requires no monthly payments.

Will I need to pay the loan back?

The loan is repayable in full whenever the member sells the property at a cost equal to or greater in value than the original purchase price, moves out of the property, in some cases when refinancing or passes away.  If the property is sold below the purchase price the loan must be repaid in an amount equal to $10,000 minus the difference between the original purchase price and the sale price. There will be a secured lien against the house placed second to the mortgage. This lien will be recorded at the appropriate Registry of Deeds by the closing attorney.

There are no monthly or periodic payments required otherwise.

How do I apply for the loan?

Contact the trust office for a loan application and agreement. Once you fill that out return it to the Trust Office and if you are eligible you will receive and Eligibility letter.  If you have questions and would like to meet with a benefit specialist, please call 617-451-0318 x5040 to schedule an appointment.

3 weeks prior to closing the member must submit the following documents to the Trust Office: 

    • Signed copy of the Purchase and Sale Agreement
    • Residential Loan Application
    • Mortgage Commitment Letter
    • Loan Estimate Disclosure
    • Copy of check used for down payment
    • Contact information of Closing Attorney

Please note, if you are receiving a FHA Loan, the loan officer will have to be informed of this loan.

In addition it must be shown that the member’s mortgage is less than the purchase price of the house and that the member is paying a minimum of 3% cash out of pocket of the total purchase price towards the purchase of the home.

How will I receive the funds?

The funds will be wired to the closing attorney one day before the closing.

What happens once I have closed?

It is the joint responsibility of the member and the closing attorney to see that the Lien is recorded at the appropriate Registry of Deeds and returned to the Trust Office along with the Closing Disclosure within two business days. If the loan/lien is not recorded within 30 days of closing, we reserve the right to request full payment.

Can I use Regan Associates for my closing attorney?

The closing attorney is always provided by the lending bank.  Regan Associates attorneys will review your closing documents such as Purchase and Sales agreements, etc. but will not be present for the closing.  It is a good idea to have your own attorney review all closing documents before you sign them, but you cannot use Regan Associates to avoid closing attorney’s fees.

Housing Assistance Plan resources

Get Started Home Buying Guide
Application and Member Agreement for Housing Benefits
Housing Benefit Required Documents Checklist
Sample Lien Recapture Agreement

If you have questions or would like to meet with a benefit specialist, please call 857-305-5039 to schedule an appointment.

Other Housing Resources

The Local 26 Housing Assistance Plan isn’t the only resource that is available to our members.  Below are some community groups and lenders we have worked with that have additional resources available that may be helpful in your home buying process.

Boston Home Center – First Time Home Buyer classes as well as additional financial resources.


Cross Country Mortgage – Cross Country Mortgage is a lender that offers package deals to union members.
CrossCountry Button

Additional Resources from Cross Country

Assembling Your Home Buying Team
Buying a Home in Massachusetts
Buying a Home in New Hampshire