The SUPPLY Act aims to address financing challenges for Accessory Dwelling Units (ADUs) by offering insured loan options from HUD. Many homeowners, particularly younger or lower-income individuals, struggle to secure loans due to insufficient equity. Successful experiences in San Jose demonstrate the potential of streamlined processes to encourage ADU permits. The bill intends to provide financial access for homeowners, enabling them to create rental opportunities, enhance property value, and strengthen local economies, particularly benefiting families who can capitalize on existing spaces in their homes.
Currently, most ADUs are financed through savings or home equity loans, a hurdle for many younger or lower-income homeowners who may not have sufficient equity to secure a second loan.
The SUPPLY Act aims to close that gap by providing more flexible loan options insured by the U.S. Department of Housing and Urban Development (HUD).
With access to capital, we can empower homeowners to become home providers for thousands of renters in every metropolitan area.
The SUPPLY Act would help New Yorkers access financing and provide the flexibility to turn in-law suites, converted garages, and other Accessory Dwelling Units on their property into spaces that build long-term value.
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