What To Know About The ADU Grant Program

Many states, including California, have begun encouraging the development of ADUs to combat the growing housing crisis. As a result of this, the California ADU grant program has emerged. Here is what you need to know about it.

You Get $40k For Your ADU

The ADU grant program from CalHFA has created a way for low-to-moderate income homeowners to receive $40k towards pre-construction expenses. Pre-construction costs include things like: Soil tests Site prep Property survey Permits Impact fees Engineering plans and calculations Energy reports Architectural designs Pre-construction costs can cost anywhere from $9,000 and $25,000. Having access to up to $40,000 means that you could cover all of your pre-construction costs with this grant.

You will still need to find another way to finance the rest of your ADU construction though. A simple 2-car garage conversion costs at least $90,000, meaning you still have a good chunk of change to come up with especially if you are building a new construction detached ADU. However, having an extra $40,000 can mean less you have to take out in loan form and pay interest on.

You Need A Loan Too

The biggest stipulation to the grant program is that you need a loan from a pre-approved lender to qualify for the grant. This can severely limit your loan options since it needs to come from a group of specific lenders who may not offer the type of loan you had in mind for your ADU development.

There Are Qualifications To Meet

Before you start looking at pre-approved loan lenders to get the grant, you might want to make sure you qualify for it. The only real qualification for the grant is that the borrower (not the whole household) must be below the income requirement in the county they live in. For some parts of California, this is up to $200k, for others, it is as low as $159,000. You will need to look up your county’s eligibility limits to determine if you meet them. If you make more than your county allows, this grant won’t be an option for you.

For more valuable information visit this website

To Tech Times

TO TECH TIMES is going to become the ultimate technology platform, bridging the gap of Industry & Investor linkage with the grass-root level market. Building a Technology Hub where thousands of people going connect from the region where they can join, learn and reach the heights of success.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
eskişehir eskort -

lidyabet giriş

- Ankara escort - bursa escort bayan - izmit escort bayan - mersin escort bayan - eskişehir escort partner - mersin escort bayanlar - mersin escort sitesi - eskişehir escort bayanlar -

WordPress Destek

- memur maaşı hesaplama - istanbul avukat

Adblock Detected

We will Assure you that we do not Spam our visors with AD and these ads are our only way of earning you will only see near 1-2 ad in our page & and these will not disturb you