To increase the availability of affordable housing more rapidly, the California legislature has approved several new laws effective in 2024 relative to ADUs. Here is a summary of some of them:
A variety of ADU financing options have emerged, also. An example of counties promoting ADUs is Napa’s new affordable ADU loan program which provides forgivable construction loans for new ADUs in exchange for a commitment to rent such properties to households earning up to 80% of the area median income for five years. Loans range from $5,000 for a studio to $105,000 for a two-bedroom.
ADUs is a new way for first-time homebuyers to build equity. Since 2016, 72,063 permits have been issued statewide. When 2023 results are included, the results could bring the total number of permits to nearly 100,000!
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Ken & Ari Walker - Your Direct Private Money Source
Husband & Wife Team
Phone: 707-708-0797 / Office: 1400 N. Dutton Ave #22 Santa Rosa, CA 95401
Ken: CA DRE Broker #01858042 / NMLS #1221130
Ari: CA DRE #01858152 / NMLS #2170867
Bio: Ken & Ari are a husband & wife team with over 30 years of combined real estate and private money lending experience. They like working with buyers & borrowers, as well as directly with other licensed individuals who have clients in need of fast & alternative financing, and who can benefit from Private Money mortgages. (Qualify for our financing despite DTI ratios, credit score, property condition, difficult to prove income, etc. on purchases and refinances for owner occupied & investment properties.)
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