Have you been thinking about building an Accessory Dwelling Unit (ADU) at your home? Over the last few years, the news has been awash with stories about planning, designing, building, and leasing ADUs, generating a lot of interest in these shared property abodes. Thousands of other homeowners have eagerly jumped into building their own and reaping the benefits of additional equity in their homes, additional monthly rental income, offering more affordable housing to neighbors, and adding flexibility to their homes as household needs change.

If you are ready to join the growing trend, then consider applying for the Affordable ADU Loan Program from the Orange County Housing Finance Trust. Eligible homeowners will qualify for up to $100,000 construction-to-permanent loan, with a 0-3% interest rate and principal forgiveness for every month the ADU is leased to a very low-income resident. After the first ten years as an affordable rental, the homeowner may use the ADU as they would like, and the loan can be held for another ten years before repayment. 

You will receive help to take on the responsibilities of your new rental property through an additional $4,500 forgivable loan for professional property management support during the tenant screening and lease-up process. You can rent to family, old friends, or new neighbors as long as they are income-qualified. And ADUs that are disability-accessible may receive an additional $5,000.

The application is open now!  More program details and the application can be found at bit.ly/affordableADU