New York City Department of Housing Preservation and Development Announces Pilot Program Plus One ADU, which will fund the creation of additional living space for growing and multi-generational families.
In an effort to create more affordable housing, a few lucky winners will receive hundreds of thousands of dollars to build accessory dwelling units (ADUs) on their lots, according to the New York Times.
According to a press release, the program will provide up to $395 in financing to up to 000 single-family home owners so they can build ADUs on their properties, such as backyard cottages, studio garages, attached apartments, basement apartments or attic space. "
By helping residents add more space, the city hopes to help seniors “spend their retirement years in their own neighborhood,” enable relatives to move in with younger families, make room for children returning from college and ease the current real estate crisis without “significantly altering existing neighborhoods.”
Other targets for the program include “seniors who need a caregiver, multi-generational families who want separate living spaces, or new parents with a baby on the way,” Mayor Eric Adams added in the release.
The money for the program comes from a $2,6 million state grant to “develop community-focused solutions to encourage low- and moderate-income homeowners to create or retrofit quality, safe accessory dwelling units.” The city plans to invest almost the same amount of its own funds, explained state Housing and Community Renewal Commissioner Ruth Ann Vishnauskas.
“ADUs financed through the program will be safe, livable and potentially rental-restricted units that will help homeowners generate additional income and support the long-term stability of homeowners and the community,” the press release noted.
How to apply?
Eligible homeowners must live in the home, have a current mortgage payment, have no past due utility bills, or be on an active payment plan. There are also income restrictions: a family of two can earn no more than $186 per year.
The property must also meet various requirements, including minimum ceiling heights. The full list can be found https://www.izakayasushilounge.com HPD. Applications are accepted until February 13.