CALIFORNIA – The California Housing Finance Agency (CalHFA), announced November 27, that the Accessory Dwelling Unit (ADU) grant program for up to $40,000 will open for applications December 11.
CalFHA estimates that they will provide 600 grants to ensure underrepresented low-income homeowners have opportunities to build wealth through homeownership.
The grant provides up to $40,000 in assistance for an ADU – a secondary housing unit, pre-development costs and nonrecurring closing costs. Grant funds can also be used for interest rate buydowns.
$25 million additional funding
CalHFA’s announcement said the 2023-24 State Budget provides a one-time appropriation of $25 million to be used for the CalHFA ADU Grant Program.
CalHFA approved lenders will have access to reserve funds for the program starting December 11.
Eligibility
The grant is available for low-income homeowners – those with incomes <80% AMI. In addition, applicants must own and occupy the property as their primary residence.
Photo credit: CalHFAADU approved participants
CalHFA approved participants include lenders, non-profits and local government agencies. To find a CalHFA participant visit https://www.calhfa.ca.gov/adu/ADU-lenders.pdf
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