Book a Free Consultation!
You’re almost done!
We sent you a link to
your Qualification Guide via email.
(If you don’t find it in your main inbox, please check your spam folder)
California’s ADU Grant Program: Your golden opportunity!
If you’re looking to build in that extra space in your property this is your chance! The ADU Grant Program is giving up to 40k to Homeowners that wish to build an Accessory Dwelling Unit!
Can you imagine receiving up to 40k to create a new source of income, increase your property value, and contribute to relieving the affordable housing crisis in California? This is all possible with the ADU Grant Program!
By: Fernanda Castillo
The comeback of the ADU Grant Program for 2023 has been on the radar for a few months, but just last month, a new update was announced: California has allocated a significant $25 million in funding for ADU incentives.
Back in 2021, the state financing agency giving these grants (CalHFA), offered access to grants of up to $40,000 each. A total of $100 million in grants was allocated, enough to fund 2,500 ADUs across the entire state of California to create so many more opportunities for homeowners as well as renters.
This is great news for you and the housing market, but if you’re unfamiliar with the ADU Grant Program or ADUs, let’s go over the details and check what it is all about.
The program is an initiative by the California Housing Finance Agency (CalHFA) to support the construction of ADUs throughout the state. Homeowners can access up to 40k to cover pre-development costs or non-recurring closing costs to finance their projects if they meet specific criteria and requirements. A few of them include the following:
- The Real Estate Homeowners are of low to moderate-income.
- The ADU must be built on an owner-occupied property.
- The Homeowner’s lender must be a pre-approved one by California’s Housing Finance Agency.
The best part about this program is that it’s a grant, so there is no need to worry about paying back the money or the lien! Once you get approved, the funds will help finance your project by lowering your loan amount.
Download the ADU Grant Qualification Guide and find out if you're elegible!
You’re almost done!
We sent you a link to
your Qualification Guide via email.
(If you don’t find it in your main inbox, please check your spam folder)
How to apply for the ADU Grant Program:
- Schedule a Project Consultation: Book a FREE consultation with one of our ADU Experts to review your project and help start applying for this grant.
- Financial Report and Application: A financial rundown is completed with your information and determines if you qualify for grant funds.
- Loan Approval: Get approved for the renovation loan and prepare to start building!
- Get your Project Development Plan: The pre-development work starts here. This is a full package that Includes site evaluation, 2D layouts, 3D renders, the scope of work, pre- curated finishes, and estimates!
- Grant Disbursement: You will receive your funds in your loan account (this will help you lower the first ADU renovation loan).
- Construction of the ADU: Start building your ADU project with our in-house construction team equipped with advanced communication provided by the Project Development Plan.
Get these documents ready!
Before contacting a lender, you may want to have these few documents available to answer any of the inquiries that arise.
- Employment history
- Bank statements
- Previous tax returns
- Pay stubs
It’s simple. If you want to increase your property value while taking care of your finances, the ADU Program is the answer!
What is CalHFA?
CalHFA is the acronym for California Housing Finance Agency and it’s an independent state agency. It was founded in 1975 as the state’s affordable housing bank, providing financing and programs to homeowners from low to moderate income. They also have a Single Family Division that offers first-time home buyers first-mortgage loans and down payment assistance.
“CalHFA is a completely self-supporting State agency, and its bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.” – CalHFA.
Their vision statement is the following: “All Californians living in homes they can afford.”
This vision aligns with their current program that is aimed to decrease the housing shortage the state is suffering from by making it affordable for everyone to build an ADU. Accessory Dwelling Units are once again recognized as the right solution just like they were recently by the White House!
Benefits of building an ADU
An ADU (Accessory Dwelling Units) is a secondary housing unit on a single-family residential lot. They can go by different names, such as backyard homes, granny flats, secondary units, or casitas.
- They create extra income opportunities for homeowners.
- They add extra living space to a property.
- They serve as a way to assist in California’s current housing crisis!
Summary
Due to California’s current housing shortage, affordable options are becoming harder and harder to come across. That’s why at Multitaskr we are ready to help you with your Accessory Dwelling Unit project through California’s ADU 40K Grant!
Building ADUs across the state has given us the right experience in our field, so Multitaskr is precisely what you need if you’re interested in constructing an Accessory Dwelling Unit!
Create a new source of income for you and your family, increase your property value, generate affordable housing options for more Californians & give your project another chance to come to life by getting in touch with us today!
Click here to book a free 15-minute consultation!
Book a Free Consultation!
Fill out the following information to book your free consultation!
