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Ulster County seeks approval to use Housing Action Fund as revolving loan source for ADU financing
Summary
The Legislature approved a resolution to allow the county to use Housing Action Fund monies to create a revolving loan product to support accessory dwelling unit (ADU) construction. Staff said the program would pair a housing organization with a financial institution and close the gap between existing ADU grants and actual construction costs.
The Ulster County Legislature voted to approve Resolution 137, authorizing the use of Housing Action Fund monies to establish an accessory dwelling unit (ADU) revolving loan fund administered by partners the county will procure through an RFP.
Senior Planner Kai (Senior Planner, Department of Planning) told the committee the county previously launched an ADU grant program administered with a local partner (Repco) and that grants are capped at $112,000 per unit. Kai said that gap remains for lower-income homeowners because grant amounts do not always cover construction costs. "There's a gap, especially for lower income folks of what the cost is for units," Kai said.
Under the proposed revolving loan model, the county would solicit proposals…
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