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Trust outlines $10,000 forgivable ADU loan to encourage affordable accessory units
Summary
Trust staff described terms for a proposed accessory dwelling unit (ADU) loan: $10,000 maximum per project, up to five projects, five‑year forgiveness at 20% per year if the unit remains rented at an affordable rate and the owner continues to occupy the property.
Revere Affordable Housing Trust staff presented terms and conditions for a proposed forgivable loan to help homeowners create accessory dwelling units (ADUs) and rent them at an affordable rate for at least five years. Staff recommended waiting to vote on the program until the trust has the senior repairs application live, but requested feedback on the program design.
The staff presentation said the loan would be capped at $10,000 per ADU project, with funding for up to five projects. Forgiveness would occur over five…
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