An important aspect of realizing the significant Accessory Dwelling Unit initiatives signed into law last year in Governor Healey’s Affordable Homes Act (AHA) is accessing funding for construction.
The Home Modification Loan Program (HMLP) has helped over 3,000 households finance home accessibility improvements to make it possible for individuals with disabilities and older adults to remain in their own homes and communities.
In addition to supporting the creation of accessory dwelling units, home modification loans can include ramps and lifts, kitchen and bathroom adaptations, sensory integration spaces, fencing, handrails, brighter lighting, widening of doorways, and flooring renovations.
The program provides loans of up to $50,000 for property owners. These loans are interest free (0% interest rate) with no monthly payments. Repayment of the loan is made when a property is sold or transferred.
There are four steps to access the program: (1) complete the application; (2) identify a qualified general contractor; (3) complete and sign the loan documents; (4) begin construction and provide invoices to receive funds.
You can find more information at: https://cedac.org/hmlp/
