Bill > S969

This bill establishes an Accessory Dwelling Unit (ADU) Trust Fund to support low- and moderate-income property owners in building additional housing units on their existing properties. An Accessory Dwelling Unit is a secondary housing unit located on the same property as a primary residence, such as a basement apartment or backyard cottage. The fund will be administered by the Executive Office of Housing and Livable Communities or through contracts with organizations like the Community Economic Development Assistance Corporation, Massachusetts Housing Partnership Fund, or Massachusetts Housing Finance Agency. Eligible participants are property owners with incomes up to 110% of the area median income, as defined by the U.S. Department of Housing and Urban Development. The fund can be financed through state appropriations, gifts, grants, private contributions, loan repayments, and investment income. Funds can be used to provide grants, loans, or financial assistance to cover pre-development and non-recurring closing costs associated with building an ADU, such as architectural design, site preparation, utility connection fees, and permitting costs. The administering agency will determine the minimum amount of assistance necessary to make each ADU project feasible, with the goal of creating more affordable housing options for low- and moderate-income property owners.