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Board discusses financing options for accessory dwelling units; staff to contact lenders and New Hampshire Housing contacts
Summary
Planning staff and board members discussed barriers to building accessory dwelling units, including construction and septic costs, and agreed to explore partnerships with local lenders and New Hampshire Housing to identify potential financing vehicles.
Board members discussed nonregulatory steps to increase ADU uptake, including local lender partnerships and educational outreach. Planning staff said Dover had worked with Service Credit Union and that Ryan Pope (now at New Hampshire Housing) had helped that effort; staff recommended town representatives approach local lenders to explore financing options.
A board member described ADU build costs as "not insignificant," noting estimates discussed in the meeting ranged around $300,000 for some projects, depending on site conditions and septic upgrades. Staff said an external ADU (garage conversion or new ADU) can reduce costs compared with building a separate foundation but that septic upgrades often add significantly to total expense.
Board members suggested inviting a local bank representative or a lender to a planning board meeting or an informational session so residents could learn about possible loan programs or local financing vehicles. Staff offered to contact Ryan Pope and local lenders as a next step.
Ending: Staff will reach out to Ryan Pope (New Hampshire Housing) and local banks to explore lending options that could be presented at future meetings or outreach events.
