Bill > S2202

This bill establishes a new Disabled and Elderly Accessory Apartment Loan Program, administered by the department of housing and community development (DHCD), to facilitate the creation and preservation of affordable housing for individuals with disabilities and the elderly. The program will provide state financial assistance in the form of grants to public or quasi-public agencies and loans to facilitate the development of accessory dwelling units, which are defined as housing units within a single-family structure that include cooking, sleeping, and bathroom facilities. These loans can be used to construct or improve dwelling units of up to two bedrooms, with a minimum size of 450 square feet, within existing single-family residences that will contain no more than two dwelling units in total. A key requirement is that at least one dwelling unit in the structure must be owner-occupied, and after project completion, at least one unit must be occupied by a household including an individual with a disability or an elderly person, who may be related to the borrower. Loans are capped at 50% of total development costs or $50,000 and will be secured by a restriction recorded in the registry of deeds to ensure the property remains affordable housing. The program will also leverage funds from various state housing initiatives, with specific requirements for the types of beneficiaries depending on the funding source. The bill defines "elderly" as individuals aged 62 and older, and "individual with a disability" as someone with a medically determinable physical or mental impairment that results in significant functional limitations.