As of 12-28-2023, there are no more grants available. Hopefully there will be another round. Does anyone have an update please?

@HowToADU

2 ай бұрын

kzread.info/dash/bejne/ho6rw6iEiNXfnto.html

This is great!

The ADU Grant provides up to $40,000 to reimburse pre-development and non-reoccurring closing costs associated with the construction of the ADU. Prevelopment costs include site prep, architectural designs, permits, soil tests, impact fees, property survey, and energy reports. The lenders: Academy Mortgage Corporation CalCon Mortgage, Inc Guild Mortgage, LLC Homebridge Financial Services, Inc Land Home Financial Services LoanDepot More info: www.calhfa.ca.gov/adu/

@ruralangwin

2 жыл бұрын

So much available but so little opportunity to use funds. So none f these funds can go to construction costs?

@backyard9144

2 жыл бұрын

@@ruralangwin I was thinking the same I have a free plan from my city . I’ll use around 15k at the most from 40k I can’t use it to build the adu ??

@albertz3940

2 ай бұрын

As of 12-28-2023, there are no more grants available. Hopefully there will be another round. Does anyone have an update please?

@HowToADU

2 ай бұрын

@@albertz3940 kzread.info/dash/bejne/ho6rw6iEiNXfnto.html

Queens and brooklyn are doing this too.

This is awesome

May I use the grant for JADU (junior ADU)?

I currently have an ADU in my backyard how can I access these funds for just remodeling of my adu and do I have to go through a bank? is it a true grant that I don’t have to pay back?

I am trying to do this. But there is 30% tax ($12,000), and a $ 5000 fee for the non-profit to processing. So, at the end of the day, we get a little over 20,000 instead of the 40K? Am I missing something? Very discouraged once I started to look into this. Please enlighten me on this.

@HowToADU

Жыл бұрын

I can’t advise on tax implications but you’re right that the people I’ve spoken to who use HPP CARES have had 2500 itemized for Hpp cares and 2500 allocated as a holdback for HUD inspections. There’s also 2K for the escrow fund. If you use one of the lenders you will have closing costs, interest and other costs too. Some people are saying that the HPPCares admin is a “donation” that they intend to write off as a charitable contribution but I can’t give tax advice or legal advice.

@properformace

4 ай бұрын

If you’re looking for a general contractor to build this for you, I’m here to assist you if you live near Los Angeles.

I contacted a couple of the approved lenders. One got back to me and it sounds like you have to refinance to get the construction loan (cash out) and them refinance when the construction is completed. Does this sound right? I was hoping to just get a construction HELOC if that's even a thing. You don't get the grant without a loan.

@HowToADU

2 жыл бұрын

At the moment, the preapproved lenders I have spoken to all have that same requirement. That said, CalHFA is working on creating a way for lenders that are not pre-approved to get specific loans approved. If/when that happens, there are second lien products that do not require a refi that will work with this grant. I have been told to expect movement in May and a June update. ;)

So in San Joaquin county if you want more than 89k you don’t qualify

The $ are gone :(

@HowToADU

Жыл бұрын

It happens fast. Theres money but it is a question what it will be assigned to

@HowToADU

Жыл бұрын

For the record, the grant portal reopened on March 1st for 45 minutes, indicating that your comment is only partially true.

@PassportCalifornia

9 ай бұрын

:(

I’ve been trying to contact for that grant but got run around with no result

@HowToADU

7 ай бұрын

Sorry to hear that. We published a video about how to apply two months ago. kzread.info/dash/bejne/h5-Ct8irhcKvZLA.html but it may be too late now.

@dillonle4034

7 ай бұрын

@@HowToADU california just have new grant started yesterday

Hi, I need your help on how much would it cost to enlarge an ADU from 464 square feet to 750 square feet in Los Angeles? The ADU is only 2 years old. Thank you, Jackie

@HowToADU

2 ай бұрын

You should check out our sponsors at Realm Home: l.realmhome.com/how-to-adu

Brother How do i start ? I could build 1 adu in my backyard. I live in Lake Elsinore.

@HowToADU

10 ай бұрын

Skim the HCD ADU handbook and talk to your local planning department about what you can do on your specific property. They should be able to get you started. Then talk to a lender about what you can access/afford. Talk to a builder and/or architect about rough costs for what you’ve got in mind. Iterate from there!

@adamfranco1987

10 ай бұрын

@@HowToADU Thank you very much

As a homeowner can I get that grant and build it on my own instead of getting a contractor

@HowToADU

2 жыл бұрын

The way the grant works, it requires you to work with one of the lenders and a specific type of loan with an escrow account, I think. And the loan probably requires a GC - contact the lenders for details.

What kind of homeowners insurance do I have to have if I want to rent my JADU?

@HowToADU

Жыл бұрын

That is a question for your insurance provider. Sorry I can’t help! But good to be thinking about it. You can also research requiring renters insurance for the tenant

Is the grand mean it's free? Excuse my negligence.

@HowToADU

Жыл бұрын

I don't love the word free because there are fees and tax implications, but the grant does not need to be repaid to the state.

@AirBorn33

Жыл бұрын

@@HowToADU what are the qualifications that are needed to get the grant and do you have an estimate on what the fees and tax can cost together a guess can be very helpful? Thank You,

Someone told me that it's not worth getting permits because if it's built well the buyers are willing to pay the premium also appraiser will acknowledge it. That said screw that grant. for 13k convert garage into studio. Start cash-flowing immediately.

@HowToADU

Жыл бұрын

I don't give financial or legal advice. I have definitely met people who say that. The most important thing I'd mention is that you should always keep the safety of the inhabitants in mind. If you know you're building something safe that you'd stay in and your kids would stay in, that's hopefully a very high standard and very important to any project. Our housing is our health, in a lot of situations!

@carlosvillalta9974

Жыл бұрын

@@HowToADU our housing is in a crisis also. Nonetheless good informative video thank you bro.

Any update?

@HowToADU

9 ай бұрын

Yes the governor has signed the revised budget bill. Video coming next week on how to prepare x.com/philting/status/1702104509533831276?s=46&t=5p9A9JHoKVbenD8Jy9NFsw

Do I have to refinance my home to get the adu loan.i just close for a 2.7 interest rate.

@HowToADU

2 жыл бұрын

Right now, most of the lenders are saying their construction loan requires a refi of the primary. But I have heard rumors that this might change this summer so stay tuned for updates.

@californiagrape

2 жыл бұрын

It’s not an ADU loan ( the $40k is a grant to help )

@MrShutterButter

2 жыл бұрын

@@HowToADU that would be really good . I have spoken with the CalHFA lenders and they all want to Refi existing mortgage. Any idea where to get more info on this?

What if you want to pay cash and not use any lenders?

@HowToADU

2 жыл бұрын

Sadly, I understand that this grant is only available if you go through these lenders and a specific type of loan.

@correycooper5353

2 жыл бұрын

Is the loan specific to construction costs? Would the lenders possibly finance the purchase of the property and the cost of construction in one loan? Thanks!

@screammachineman

2 жыл бұрын

@@HowToADU Okay, but what's to stop someone from having cash to build, but then using the lender instead, and then just paying off the loan within a year with said cash?

@HowToADU

2 жыл бұрын

@@correycooper5353 The grant is specific to pre-construction costs, and it's best to speak with the lenders for the loan administration details. Sorry I can't answer more specifically for them!

@HowToADU

2 жыл бұрын

@@screammachineman Good question for the lenders. Makes sense to me, except that you'd have to structure your finances fairly carefully to be below AMI and have that much cash on hand. Make sure you still qualify at all.

Was it a 50k grant last year

@HowToADU

Жыл бұрын

No