ORANGE COUNTY, CALIFORNIA — Orange County Supervisor Katrina Foley, who serves as the newly appointed Chair of the OC Housing Finance Trust (OCHFT), announced the transformative Affordable Accessory Dwelling Unit (ADU) loan program that was approved by the OCHFT Board last week.
“ADU’s serve as a creative approach to increase our housing supply here in Orange County. When my 76-year-old mother and 96-year-old grandmother were widowed within the same year, our family struggled to find them housing they could afford on fixed incomes in Orange County. Luckily, the City of Costa Mesa had an approved ADU program, and we built an ADU in the backyard. Now my mom and grandma have their own independent living, while still maintaining closeness to our family. The OC Housing Finance Trust ADU loan program is a smart investment to quickly bring affordable housing options online for Orange County residents,” said Supervisor Katrina Foley.
“I encourage homeowners who are planning to build an ADU to utilize this funding resource and apply as soon as applications open on August 1, 2023.”
The OCHFT ADU Loan Program is made possible from a $4 million CalOptima grant received by the Trust. The program will provide eligible homeowners a loan of $100,000 to complete construction for rental ADUs for very low and low-income tenants. These 20-year loans are partially forgivable, deferred, and low-interest as long as the homeowner rents their ADU to income qualified tenants for at least 10 of the 20 years. The goal of the OCHFT ADU Loan Program is to have all affordable ADUs online in 18 months or less. Families building ADUs for their income qualified family members are eligible to apply for the program.
Applications open Tuesday, August 1, 2023. Addition details can be found at: ochft.org.