The bill would allow housing preservation grants to fund loans or grants for accessory dwelling units on the same property as a single-family home. For single-family housing assistance, homes must be at least 25 years old, and assistance to one person could not exceed $200,000. At least 75% of the assistance for single-family housing must be used for grants. Aid for an accessory dwelling unit could cover no more than half its cost and could not exceed $100,000, with the cap adjusted for inflation beginning in 2027.
Homeowners using assistance for accessory dwelling units would generally have to live in the home or an accessory unit, keep ownership, limit leases to at least six months, and earn no more than 150% of the area median income. Some ownership and residency requirements would end after five years or when the owner dies. The bill also limits administrative costs to 20% of funds and authorizes $200 million for the grant program. It was introduced in the Senate and referred to committee.
Eligible homeowners could seek grant or loan assistance for an accessory dwelling unit, subject to the bill’s funding limits and homeowner requirements. The bill does not state whether a particular homeowner would qualify.
The bill authorizes $200 million for the program, available until spent. Assistance for an accessory dwelling unit could cover up to 50% of its cost, capped at $100,000 before inflation adjustments. Administrative costs could use up to 20% of funds.
No publicly available information.
No publicly available information.