Housing Assistance will soon be launching a technical assistance program for homeowners who want to build an Accessory Dwelling Unit (ADU) on their property.
Small ADU rentals can generate significant rental income for a homeowner, and they are likely to be quickly rented. The vacancy rate in our region is less than 1%, and there is a pent-up demand for one- and two-bedroom apartments from young professionals, couples just starting out, the year-round workforce, and seniors wanting to downsize. The numbers work for homeowners. Even if one assumes a $100,000 loan for constructing an ADU (many will cost less), the rent from a one-bedroom apartment would generate a net profit right away.
Many towns have updated their bylaws to make building an ADU easier for homeowners. Since passing new bylaws, Falmouth has seen 21 ADUs created and Brewster has seen 26. However, our research has shown that more ADUs could be built by creating a program to address homeowner questions and concerns.
My Home Plus One ADU
Housing Assistance’s new ADU homeowner assistance program is modeled after our energy and weatherization services, which connect homeowners to contractors that optimize their homes for energy efficiency. Similarly, Housing Assistance staff will market ADU construction to homeowners.
This program will include a standard checklist and process for helping homeowners determine what can be built on their property based on Title V and zoning. As part of this service, HAC staff will provide technical expertise to homeowners to facilitate work with contractors, town permitting, and their local bank throughout construction and lease-up of the project.
To get more information about our new ADU homeowner assistance program visit haconcapecod.org/adu
Can an Accessory Dwelling Unit be a Good Fit for Your Home?
Homeowners: a separate living residence within your existing property can generate regular income for you when you rent it year-round. Contact us to find out about our new program of technical assistance and financial incentives that can help you create an ADU.