HYANNIS – The Cooperative Bank of Cape Cod is launching a new program designed to help homeowners build Accessory Dwelling Units on their properties.
ADUs are self-contained living spaces within or attached to a home, similar to in-law apartments. They can also be a separate structure on the same property.
Assistant Vice President and Residential Mortgage Sales Manager Charlotte Green said the bank is providing flexible underwriting guidelines for financing the ADUs and offering discounted interested rates when financing to add on or renovate space for the units.
“When we were doing an assessment of this program while we were building it out, the thought was the person who’s most likely going to be financing is someone who might be looking for an extra cash flow to help make their home more affordable,” Green said.
The bank is hoping more ADUs in the region will provide more housing opportunities for people amid the region’s housing crisis. As someone who grew up on the Cape, Green said she’s excited to see the positive effects the new initiative could have.
“It’s helping my peers who I grew up with who are currently priced out of their neighborhoods that they grew up in make housing affordable and keep that workforce here on the Cape that is so important to our future longevity,” she said.
Green said the bank’s ADU program is a good starting point for the possibility of similar programs being launched in the future.
“Obviously on the Cape, we are limited with our space and how high up we can build, so using existing inventory to maximize housing is such a great idea. It’s amazing to see that the towns have passed these bylaws to allow it,” Green said.
Green added that second homeowners can also utilize the program.
Visit the Coop’s site for more information on their ADU loan program.
For homeowners who need assistance to see if they can build an ADU on their property, check out the Housing Assistance Corporation site.
By Brian Engles, CapeCod.com NewsCenter
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