Up to $40,000 might be allocated under the CALHFA ADU Grant toward pre-development and one-time closing costs related to the building of the ADU.
CalHFA Approves $25 Million for bookings made under the ADU Grant Program to start on December 11, 2023!
November 27, 2023 Senate Bill 104, which revised the 2023–24 State Budget, gives CalHFA a $25 million one-time appropriation to be used for the CalHFA ADU Grant Program. Beginning on December 11, 2023, lenders, nonprofit organizations, and local government agencies that have been certified as ADUs by CalHFA will have access to reserve funds for the program.
BENEFITS
We can help you regardless of whether you need financing or have all the money.
Whether you have all the money needed for your ADU project or you need a loan to assist bridge the gap, you can apply for the $40,000 CalHFA ADU grant through CCEDA.
You can now use the cash and/or loan proceeds that you have on hand to cover the whole cost of your ADU budget in order to pay for your ADU and use the CalHFA ADU grant to cover your qualified predevelopment costs. Together with the grant revenues, we will deposit your money into a managed escrow account so that it can be safely distributed to authorized third-party vendors for the duration of your ADU project.
We provide second mortgages through pre-approved lenders if you need financing to help close the budget gap between your final project budget and your current financial resources (the CalHFA grant). One advantage of financing through a lender that has been pre-approved by CCEDA is that you can use the grant money to cover one-time closing charges like escrow and title fees, lender origination fees, or even to lower your loan’s interest rate. All of the vendor payments for your ADU project will be managed by CCEDA.
Requirements for the CalHFA award
1. The property must be occupied by the owner;
2. Your income must not exceed the county’s maximum.
- The property must consist of 2-4 apartments or single-family homes.
HOW TO APPLY
1. PROJECT CONSULTATION
Book a FREE consultation with one of our ADU experts for guidance to start applying for this grant.
2. APPLICATION & FINANCIAL REPORT
We gather the necessary information to run a financial report and pre-qualify you for your grant funds!
3. LOAN APPROVAL
Receive the grant amount included in the renovation loan to fund your project!
6. CONSTRUCTION OF THE ADU
With the help of the Project Development Plan, our in-house construction team will build your ADU accurate to your vision.
5. GRANT DISBURSEMENT
The funds are wired to your loan account. This lowers the ADU construction loan principal that the homeowner has to repay.
4. PROJECT DEVELOPMENT PLAN
It includes site evaluation, 2D plans, 3D designs, a detailed scope of work, finishes, and a project estimate!
For More Information, Visit CALHFA ADU GRANT WEBSITE
