Its not 40k. They will only fund $33,000. They will deduct $2500 hppcares admin fee, $2000 fund control fee, and $2500 inspection fee (after the adu is built). Total of $7000. I wish they disclose these amounts and stop advertising that it’s 40k.

@alanli4455

Жыл бұрын

Exactly. I just got mine. I'm like whoa. My question is... if the grant went directly to us for 40k and 7k went to all these fees and cost, are we liable for taxes for the 40k or 33k. That's shady of you asked me

@carrmmzz

Жыл бұрын

@@alanli4455 i wonder if these can be clarified and confirmed by a Calhfa member. We probably need to reach out to calhfa directly to find out.

@highonhypotenuse6142

Жыл бұрын

I agree. I'm going to give them a ring tomorrow. This really doesn't sit right with me. We get taxed for 40k and 2500 is donation. Last time o checked donation can be used as a write off.

@carrmmzz

Жыл бұрын

@@highonhypotenuse6142 let us know what you find out! Thanks in advance!

@carrmmzz

Жыл бұрын

@@highonhypotenuse6142 were u able to get a hold of calhfa?

Thanks for clearing up the confusion, The options are out there just have to find them!!

Thank you Ryan and Charles. This video really helps in exploring other way to finance an ADU. I have an appt to talk to a Renofi agent today.

Great video

Wow ! Im surprised your questions are answered.

@HowToADU

Жыл бұрын

Glad we could help :) Thanks for watching

Is it true that HPPCares is keeping $10K of the $40K grant, so it is really a $30K grant? If that is so, will we be taxed on the full $40K if we use it, even though we never received $10K of that? I cannot fathom how we all sat through a 4-hour webinar with them and that $10K fee was never mentioned.

@michaeldd.8732

Жыл бұрын

Yes. U will be taxed for 40k period. Considered it like ur paying them for doing a service . Holding and managing ur grant . Yes it’s more than a loan broker would make. But it’s still 30k u don’t have

@dengelbery

Жыл бұрын

I was told by Katherine that she wants a $2500 "donation" and $2000 goes to the escrow company holding your money.

@GUNNERBASS

Жыл бұрын

@@dengelbery there’s also $2500 that goes to a HUD inspection

@kg4955

Жыл бұрын

Sorry, this may be a stupid question - if you don't use the entire $40k grant, and the balance is returned to the State after certificate of occupancy, will you still be 1099ed for $40k? Also, 2nd comment - it concerns me that the HPP Cares website FAQs state the remaining balance in the escrow account "can" be refunded, not "will" be refunded. I am very wary after a bad experience with a modification application via a nonprofit (during the recession).

@kevinarceo1934

Жыл бұрын

It’s 7k between hpp cares and the escrow company. You will get taxed on 40k.

Does an attached SB9 property require a garage space?

@HowToADU

Жыл бұрын

I'd have to check the law again to refresh my memory. Broadly speaking, homes built with SB 9 have similar zoning requirements to other homes in the underlying zoning code with exceptions specific to parking requirements and percentage based requirements (as long as they meet certain conditions). So it's kind of a "I forget exactly, but it depends!" ;D Like if you're a certain distance from public transit of a certain caliber, then the garage space requirement might be unenforceable... from memory. Talk to your planning department for details :)

Does RenoFi allow this to occur when building with a Manufactured Home?

@charlesedington59

Жыл бұрын

Manufactured, modular, and prefab ADUs are allowed as long as they are affixed to a permanent foundation.

I started my adu project planning not knowing about this grant. Will I be able to get retro paid for expenses already paid through a loan?

@HowToADU

Жыл бұрын

Katherine from HPP CARES answers this in detail here: kzread.info/dash/bejne/ZYOW0MWjZNOonrg.html

Great content, could one somehow use the grant towards the initial expenses to lets say : place a Movable Tiny House on a property?

Yes, I need help in financing my ADU. I will contact you soon.

HPP cares is not even responding weeks and weeks ago

This is GREAT INFO!! Thank you Ryan.

I'm in PA....Ryan do you happen to know if other states will be offering such a grant in the coming future??

@HowToADU

Жыл бұрын

I haven't heard about any Pennsylvania programs but there's a lot of ADU interest in the urban areas like Philadelphia. Maybe one day! You could write to your local state legislators and ask them to consider it to alleviate the housing shortage.

May I use the $40k grant for conversion of the garage into an ADU?

@HowToADU

Жыл бұрын

Broadly speaking, those types of projects are eligible. It's always down to the details of your situation so speak to one of the entities on CalHFA's website that can get you the grant.

What is RenoFi's max DTI for their 2nd mortgage? What is the interest rate currently and is it fixed? How many years is it amortized over?

@charlesedington59

Жыл бұрын

RenoFi has DTI requirements that are similar to standard loan products, but can be very flexible. Some products go as high as 55%. We can also take future ADU rental income into account for qualification. The best thing to do is schedule a call using the link in the video.

@HowToADU

Жыл бұрын

Straight from the horse’s mouth - that’s Charles from the video. 🤩

@charlesedington59

Жыл бұрын

@@HowToADU 🐴

@tadehmirzakhanian893

Жыл бұрын

@@charlesedington59 Hi Charles, I’ve submitted our application for a 3-unit ADU (2000sqft total and legal) with good credit scores and incomes, but I have not heard back from you guys (RENOFI) at all. Would you please provide an email or comtact info? The email on the website returns. my name on my youtube account is the one on application as well, thanks!

@charlesedington59

Жыл бұрын

@@tadehmirzakhanian893 Just asked someone to reach out.

Wheres HPP..... are there other lenders like HPP. Ive applied twice in the past 2 weeks and just got an email basically saying they'll contact me when they are ready. Are there other alternatives for people with cash in hand? When's the MONEY going to run out!

@HowToADU

Жыл бұрын

I'll let you know when HPP reopens - I'm hoping this weekend. The lenders should be open though - if they're unresponsive, that is a different problem. But equally frustrating! I expect the money won't run out until HPP CARES reopens the portal. CalHFA has awarded something like $40-50M so half the money is left and the legislature funded another $50M (although it's TBD how that will be used exactly).

@peggyward3573

Жыл бұрын

They are not a lender. You bring cash or proceeds from another lender.

Hi! I hear you talk about hhp cares but do you have any opinions on the other grant application places like cceda. So far at this time it is the only place that is allowing us to apply through them.

@HowToADU

Жыл бұрын

At this time, I think that if CCEDA or any of the entities have their application portals open, I assume that they expect to be able to process your application and qualify you for the grant. I am recommending many of my clients to pursue the grant through these open portals. CCEDA has not replied to my requests for more information. The only message I've received from them is "Ryan, Thank you for your email. We are sending the application link out as of this morning and throughout the day. We are staggering application times to ensure that there will be no issues with applying. You should receive something shortly. If you do not have an email with the link and further instructions by this afternoon, please contact us."

@swts1414

Жыл бұрын

@@HowToADU Thank you I really appreciate the reply.

HPP cares is overwhelmed and no longer doing ut

@HowToADU

Жыл бұрын

The portal is supposed to reopen soon, fwiw!

@ceciliashevlin1152

Жыл бұрын

They told me the end of the month.

@HowToADU

Жыл бұрын

@@ceciliashevlin1152 they've announced the date officially (again) and you can get my notes on all the requirements for the application here: community.how-to-adu.com/hpp-cares-requirements

All ADU grant funds have been used up and no new applications are being accepted. It’s over for now, eh?

@HowToADU

Жыл бұрын

Until we find out how they're using the next $50M the legislature approved!

@deidreprozinski2759

Жыл бұрын

@@HowToADU Thanks for chiming in! Will you do a video when the re-open ( if they do re-open) the program? Where else would we find that info? Thanks again!

@HowToADU

Жыл бұрын

Yeah, I'll definitely talk about it each time. The portal actually opened for under an hour this month! You're in the right place to get updates when they come out. You may also want to check out my advocacy course about the grant which gets emailed more frequently: community.how-to-adu.com/c1fece6d-65fe-47e9-9645-3ef0f2d736aa

Why does hppcares seem like a scam? I semi filled out the form mid august and immediately started getting phone calls from them that ssn was missing, to which I acknowledged and replied I wasn’t done filling out the form and would not give my ssn over the phone, few days later they call again about how it’s incomplete to which I acknowledged and informed them that I would be submitting completed app shortly. Fast forward 3 weeks now of a completed/submitted application and numerous calls to them to check on approval annnnd goose eggs…..

@HowToADU

Жыл бұрын

Oh, that's rough. Sounds like they really wanted to process you when you first applied and you may have missed that window of opportunity because they're buried in applications. Hope it's not a scam since it's CalHFA-approved!

@henessy650

Жыл бұрын

Not that I’m getting scammed of money but the state, it’s advertised as fast east and easy so once they get your info they are ghost but in turn show the state of how many applications they’ve received and people they are “helping” so their program gets funded, anywho I lost quite a bit of time waiting around so my recommendation like the saying goes “to good to be true”

@_Xensei_

Жыл бұрын

Just look up the lender license number

@MetalBum

Жыл бұрын

I did it 8 weeks ago no response 🎃

@_Xensei_

Жыл бұрын

@@MetalBum you looked up the lender license and you got “no response”?