Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Revere trust outlines $10,000 ADU loan program to boost affordable rentals
Summary
Trust staff presented a proposed accessory dwelling unit (ADU) loan of up to $10,000 per project (for up to five projects) that would be forgiven 20% per year over five years if units remain rented at an affordable rate; the proposal requires owner occupancy and annual rent certification.
Joe Rafalese presented draft terms for an accessory dwelling unit (ADU) loan program aimed at helping homeowners create ADUs and rent them at an affordability level tied to HUD formulas.
Under the proposal, the trust would offer a maximum loan of $10,000 per ADU project and fund up to five projects. The loan would be forgiven in equal 20% increments over five years provided the unit remains in compliance with the affordability rules and the owner continues to occupy the property.
Rafalese said the rent…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
