Housing Community Investment (HCI) Intern – Summer 2023

Housing Community Investment (HCI) Intern – Summer 2023

Website Federal Home Loan Bank of Boston

The Federal Home Loan Bank of Boston is a leading provider of wholesale funding for housing and community finance in New England serving more than 420 financial institutions across the region. The Federal Home Loan Bank of Boston is committed to making New England a better place to live and do business, and our employees are integral to our success. As a cooperative, we are owned by more than 420 banks, credit unions, insurance companies, and community development financial institutions that access tens of billions of dollars of our reliable, wholesale funding each year. Our funds are a vital resource that helps our members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs in communities throughout our region.


Our highly skilled team of 200 is diverse, innovative, collaborative, and passionate about the work we do. We seek other professionals excited to share their knowledge, talent, and passion for our mission to join our team. We offer opportunities for career development, robust benefits, and a work-life balance.


Position Summary

The Housing Community Investment (HCI) Intern is responsible for the completion of reviews, analysis, and reporting of projects funded through FHLBank Boston’s special programs for affordable housing and community development to ensure compliance with federal regulations, program policies, and Bank procedures. This position requires the incumbent to perform functions with a high degree of attention to detail and independence. This role primarily supports three of our core programs – the Equity Builder Program (EBP), the Affordable Housing Program (AHP), and now the Housing Our Workforce (HOW).


This role is ideal for someone with entry level experience in a related field that enjoys using their financial acumen, analytical and customer service skills in a highly collaborative team environment.  Minimal travel may be necessary for this role.  This is a full-time, paid internship at $25.00 per hour. Internships dates can be from late May/early June into August, depending on schedules. 


This role is responsible for assisting with the primary review, analysis, and recommendation of EBP/HOW homebuyer qualification and household income calculations and subsidy disbursement transactions, including communications with the member financial institutions on issues and clarifications. He/she will perform EBP/HOW and AHP backup responsibilities for the Program Manager, which may include, but not limited to, monthly HCI program reconciliations, and system testing for enhancements and fixes.


This role will support the Affordable Housing Program (AHP) with compliance responsibilities for the review and analysis of AHP initiative monitoring reports, project monitoring review at project completion, and review, analysis, and recommendation of subsidy disbursement transactions. 

During the annual AHP funding round, the incumbent will perform the same or similar functions as the other team members and will assist in the online application testing and other round preparation and during the round will review and analyze AHP applications for recommendation for funding. He/she will also prepare individual application recommendation reports and assist department management in the analysis and reporting of the round recommendations for senior management and the Board.

This position will cross-trained to support additional positions and processes within the department. The incumbent will be assigned other duties as needed.

This role may have a hybrid work schedule in our Boston office in accordance with the Bank’s Hybrid Work Program.  We believe that our interns have a better experience the more time they are in the office.


FHLB Boston does not sponsor work authorization for internships.


Specific Responsibilities


Equity Builder/Housing Our Workforce Programs – Review for compliance with AHP regulation and department policies and procedures of the following:

Review EBP/HOW household income calculations and enrollments and make a recommendation to the secondary reviewer
Review and recommend of EBP/HOW subsidy disbursement requests
Review and processing of EBP/HOW subordination requests, net gain/recapture calculations, and foreclosure notifications
Effectively support members with program technical assistance
Assist with month-end accounting reconciliations

Affordable Housing Program

Assist with close-out monitoring and initial review of projects.
Assist with the preparation/maintenance of program foreclosure review and reporting
Assist in monthly reconciliation of AHP program subsidies to accounting records
Assist in preparation of periodic FHFA reporting and assistance with FHFA requests
Assist in preparation/distribution of all monthly AHP portfolio/staff-monitoring reports
Other tasks and special department projects, including special research and/or reports related to affordable housing and community economic development
Participation in department outreach, training, and educational activities
Provide other assistance to team members

Additional Opportunities to Learn and Contribute

Assist with monthly reconciliation tasks, including pulling and distributing reports
Assist with research and presentation projects as needed
Participate with software testing and upgrades, submitting recommendations for needed changes
Assist with updating forms and procedures as needed.
Other duties as assigned.


Strong interpersonal skills are required, including the ability to work well on team-based projects and the ability to work independently.
Strong time management and organizational skills are required.
Strong analytical skills and excellent attention to detail are required.
Proficiency in effective written and oral communication is required. 
High degree of customer service to ensure a positive member experience.
Diligence in adherence to policies, while seeking process improvements.
Strong computer proficiency is required, including Microsoft Excel and Word.


Current students working towards a degree in Business, Planning, or Government are the target audience for this internship. Those with a completed degree will also be considered.


·         Prior work experience in an environment other than retail is preferred. Prior experience in a professional environment is preferred.




Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time.



The Federal Home Loan Bank of Boston is committed to building and sustaining a diverse workforce that reflects the communities that we serve. As an Equal Opportunity Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.


Applications are being accepted on the Careers page of our website: www.fhlbboston.com

To apply for this job email your details to Wilber.reyes@fhlbboston.com