California Housing Finance Agency Announces Accessory Dwelling Unit Financing Pilot Program

Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

The California Housing Finance Agency is partnering with the non-profit Self-Help Enterprises to help alleviate the housing crisis by providing financing for Accessory Dwelling Units in the City of Clovis.

Self-Help Enterprises, a community development organization based in the San Joaquin Valley, will use $2.5 million in funding from the California Housing Finance Agency to act as the construction lender for Clovis Cottage Home Program.

It has been so heartening to see the community embrace and bring forward the Cottage Home Program, said Dwight Kroll, AICP, City of Clovis director of Planning and Development Services. Not only has this assisted in the development of much needed affordable housing in our community, it has been wonderful to experience the pride of accomplishment shown by the various participants.

Self-Help Enterprises will provide the financing to homeowners/borrowers, service the loans and collaborate with Clovis to market the ADU program.

We are excited for the opportunity to work with CalHFA and the City of Clovis on this project, said Susan Long, Program Director of Partner Services at Self-Help Enterprises. We look forward to assisting existing homeowners finance new housing opportunities and adding a mix of affordable housing options to community members.

In addition to CalHFA providing the funds, the program will also benefit from Clovis strong commitment to the project. The city is providing three architectural design templates for the homeowners at no cost, in addition to expedited reviews and fee waivers for Accessory Dwelling Unit projects. These home plans, each less than 400 square feet, are intended to orient onto alleys and provide for a unique pedestrian street environment while also revitalizing the alleys and creating more housing in the highly desirable Central Clovis area.

We are very impressed with Clovis support for this pilot program to help Californias housing crisis, said Tia Boatman Patterson, CalHFA Executive Director. The partnership with Self-Help Enterprises is a perfect demonstration of how state government can work with localities and non-profit organizations to produce good outcomes for low to moderate income Californians.

The California State Legislature in 2017 passed several bills that laid the foundation for Accessory Dwelling Units to become another tool as our state works to address our housing struggles. Although many local jurisdictions have reported a dramatic increase in ADU interest, significant challenges still exist, most notably construction financing. This innovative partnership helps address that challenge.

The California Housing Finance Agency was created in 1975 with the goal of helping more Californians find a place to call home. CalHFA is a self-supported state agency that doesn’t rely on taxpayer dollars. For more information on CalHFA programs, and how we are creating progressive financing solutions for affordable housing in California, visit www.calhfa.ca.gov or call toll free at 877.9.CalHFA (877.922.5432).

Self-Help Enterprises is a nationally recognized community development organization whose mission is to work together with low-income families to build and sustain healthy homes and communities. Since 1965, Self-Help Enterprises efforts have touched the lives of over 55,000 families. They can be contacted at www.selfhelpenterprises.org

Contact: Chris Saur
Phone: 916.326.8604
Fax: 916.322.2345
[email protected]