Recent changes to the CALHFA ADU (Accessory Dwelling Unit) Grant program now make it easier and less expensive for homeowners in Imperial County to build a prefabricated ADU by applying the $40,000 ADU grant to ADU predevelopment costs. This ADU Grant is FREE money and does not need to be repaid thereby lowering the overall cost of ADU by $40,000!!!
What is an ADU?
ADUs aka Granny Flats are small homes built in the backyard of the primary residence and can be used as a rental property or to create more space for a family (retired parents, returning students, etc)
Why is State granting $40,000 to homeowners to build an ADU?
The CALHFA $40,000 Accessory Dwelling Unit Grant Program objective is to create more housing units in California by providing a grant for predevelopment costs and non-reoccurring closing costs associated with the construction of the ADU.
What is the fastest way to build an ADU?
Myadu4less is the premier general contractor of prefabricated ADUs in Imperial County with hundreds of ADUs under construction. Prefabricated construction is faster, less expensive, and less intrusive to residents during construction. They have many predesigned floor plans on their websitewww.myadu4less.com
How can I access the $40,000 CALHFA ADU grant for my ADU in Imperial County?
There are 3 ways to access the $40,000 CALHFA ADU Grant in Imperial County
Use Home Equity Line of Credit (HELOC), Second Mortgage, or Cash Out Refinance from your primary residence. Proceeds of the loan must be placed in an escrow account and then the CALHFA $40,000ADU GRANT funds will be added to the account. All funds will be disbursed according to the completion of your ADU project’s phases, overseen by our HUD Certified Inspectors. No money will be given directly to the homeowner. If there are remaining funds upon completion of the project, those funds will go toward rate reduction or principal reduction.
Use the cash from savings, Home Equity Line of Credit (HELOC), Cash Out Refinances, or a loan from family/friends to finance your prefabricated ADU. Cash must be placed in an escrow account. Once the escrow account is funded, CALHFA’s $40,000 ADU GRANT FUNDS will be deposited into the same escrow account. The funds will be distributed to Myadu4less to build your ADU. HUD Certified Inspectors will oversee all projects.
Combination of Cash and Finance
A combination of cash and financing is allowable and will require funds to be deposited into an escrow account and then the CALHFA $40,000 ADU GRANT funds will be added to the account.
What are the basic rules to get the $40,000 CALHFA ADU Grant in Imperial County?
- Homeowners must use the existing home as a primary residence
- Homeowners must not exceed Income limits of $159,000 in Imperial County
- Present a completed application (Myadu4less has a list of approved lenders who will help you obtain a Grant)
- Provide an Itemization list for pre-development costs. Myadu4less will provide an itemized budget for the application which will include architectural designs, permits, soil tests, impact fees, property surveys, energy reports, and utility hookups
See a list of lenders that can help with financing and CAlHFA $40,000 ADU Grant in Imperial County at www.myADU4less.com
Why build an ADU in Imperial County?
With the housing shortage and interest rates climbing demand for rental units is skyrocketing. Many Myadu4less clients in Imperial County are building ADUs in their backyard as rental units and using the $2,000-$3,500 / month in rent to pay off loans and put money in her pocket. Others are building ADUs for aging parents – to bring them closer to home yet give them privacy or for young adults /students that need some help with rent. The
How do I know if an ADU will fit in my yard?
The ADU experts at Myadu4less can help you choose the right ADU for your yard, budget, and utilization. Call today to set if a FREE Site Assessment to see in an ADU is right for you!
The CALHFA $40,000 ADU grant is an excellent incentive for families to help build generational wealth by utilizing space in the backyard and generating income and increasing the value of the primary home.
Contact ADU experts at Myadu4less to see if an ADU is right for you and to get access to CALHFA Grant info by calling 951 679 9907 or email firstname.lastname@example.org or by visiting the ADU website www.myadu4less.com