Bill > HB1662

This bill requires the New Hampshire Housing Finance Authority (HFA) to offer loan guarantees for accessory dwelling unit (ADU) development, which are additional residential units built on the same property as a primary home. Specifically, the HFA will provide loan guarantees to approved lenders for ADU projects, covering between 80% and 100% of the loan value based on the completed ADU's appraised value, with a maximum of $100 million in guarantees issued annually. The bill also appropriates $25,000 for each of the fiscal years ending June 30, 2027 and June 30, 2028 to help the HFA cover administrative costs associated with establishing and managing the ADU loan guarantee program. The purpose of this legislation is to support homeowners and developers in creating additional housing units, potentially increasing affordable housing options, and the bill will take effect 60 days after its passage. The HFA anticipates offsetting its administrative costs over time by charging lenders a small monthly fee, and the initial administrative expenses will be covered by General Funds.

Housing and Urban Affairs

https://gc.nh.gov/bill_Status/billinfo.aspx?id=2084&inflect=2