Your golden ticket is finally here! If you’re looking to expand your property, the state of California’s ADU Grant Program is giving home owners a hefty check, so that they can begin building their own Additional Dwelling Units. Moreover, a couple of months ago the initial sum of grant allocations increased by 60% and now sits at $40,000. You may be asking yourself: “What does this mean for me?” Easy, it means free money and a return on your investment. Additional Dwelling Units are rising in popularity at a fascinating rate for a variety of reasons. Namely, they are cash cows. With and ADU on your property, you can begin renting it out and providing low income housing for individuals looking to rent in Los Angeles. Or if that doesn’t interest you, an ADU can be anything you make it: a yoga studio, your very own man cave/she shed, a home office, or pretty much whatever you dream up.
Homeowners can now begin applying for this grant if they meet the eligibility criteria. Some of those specifics being:
- The homeowner must be of low to moderate income
- The ADU must be constructed on an owner-occupied property and within property lines.
- The lender that the homeowner decides to use must be pre-approved by California’s Housing Finance Agency.
Once these initial needs are met, you can begin your construction process. At Built to Perfection, we work directly with the homeowner to ensure that the new addition is completely to their liking, and will work with housing agencies to guarantee that everything in their new “backyard bungalow” is up to code and ready to go!
Best of all, with this being a grant program, there’s no need to worry about paying that $40k back to any lender. This allows the homeowner to get a head start on payments for pre-development costs or even pay non-recurring final costs. Making your application for this program a no-brainer.
If you or someone in your circle is interested in beginning development of an ADU, give Built to Perfection a call at (888)-955-0535 or you can visit our website www.builttoperfection.com/contact for more information.
Written & Edited by Sam Hulsizer at Built to Perfection, Inc.
Photos by Sam Hulsizer at Built to Perfection, Inc.