REMARKS
Funding and demand for the Plus One ADU program
0:30:55
·
95 sec
Kim Darga provides details about the funding structure and the overwhelming demand for the Plus One ADU program. She emphasizes the unprecedented interest from homeowners and the joint financing between HPD and the state.
- The program is a loan program administered by HPD, jointly financed with the state
- HPD provides up to $220,000 per unit, while the state provides up to $175,000 per unit
- The program targets low and moderate-income homeowners
- In a limited application window, 2,100 homeowners expressed interest, which is unprecedented compared to other loan programs
- The high demand indicates that creating ADUs is something New Yorkers are desperately interested in doing
Kim Darga
0:30:55
So I'll start and then I'm gonna, pass it on to my colleague, Steven Ehrman, who oversees the division that, runs the program.
0:31:04
So the plus one ADU program is a loan program that HPD administers.
0:31:11
It is jointly financed between HPD and the state.
0:31:14
So we basically worked with a partner organization to secure state funding.
0:31:20
We provide about $220,000 per unit or up to, and the state provides up to a $175,000 per unit in order to help low and moderate income homeowners, address the cost associated with, creating a legal unit.
0:31:40
It is, like I said just a second ago, we saw really, really, really significant demand, from homeowners in a very limited time.
0:31:51
That level of demand is unprecedented.
0:31:54
We don't see that in any of our other loan programs.
0:31:58
And, so it is clear to us, not only from that program, but from what we saw in the basement program, some of the research other organizations have done that this is, creating ADUs is something that New Yorkers are desperately interested in doing.
0:32:18
So I'm gonna turn it over to Steven to talk a little bit about how we structure the financial assistance to make it affordable, to homeowners and also maybe to talk a little bit about the technical assistance we're providing.
