The City of New York is getting behind tðŠhe tiny-house movement big time.
In an effort to create more affordable housing, a few lucky borðŠough homeowners will be granted hundreds of thousands of dollars to construct accessory dwelling units, or ADUs, on thð°eir properties.
Last Tuesday, the New York City Department of Housing Preservation & Development announced the launch of its Plus One ADU piloðĪŠt program, which will fund the creation of additional living space for growing and multigenerational families.Â
The program will provide up to $395,000 in financing to a maximum of 15 single-family landlords so they can build ADUs âsuch as backyard cottages, garage sðtudios, attached in-law suites, basement apartments, and attic space ðĶđconversionsâ on their land, according to a .
By helping existing residents expand their square footage, the city hopes to help seniors âspend their retirement years in their chosen neighborhood,â enable in-laws to move in with young families, make space for children returning from college and otherwise help ease the current real estate crisis without âsignificantly changingð ° existing neighborhoods.âÂ
Other program targets include âseniors who need space for a ęĶŦcaregiver, a multigenerational household who want separate living spaces, or young parents with a little ęĶŋone on the way,â Mayor Eric Adams added in the release.
The money for the program comes from a $2.6 million state grant for âcrafting community-centered solutions to encourage low- and middle-income homeowners to create or upgrade good quality, safe accessory dwelling units.â The city plans to put in almost as much of its own money, the state’s Homes and Community Renewal Commissioner RuthAnne Visnauskas explained.Â
“ADUs financed through the program will become safe, habitable and potentially rent-restricted units that will help homeowners generate additional income and support long-term homeowner and neighborhood stability,” the press release noted.
Looking to apply?
Eligible homeowners must be the occupants of the property, must be current on any mortgages anâd must not have oāžutstanding municipal arrears or be in an active payment plan. There are also income limits; a two-person household can earn a max of $186,450 annually.
The property, too, must meet various rð equirements, including ceiling height minimums. The full list is available on the HPDâs .
Applications are being accepted through Feb. 1âĻ3. Â