4 ms·
Accessory dwelling units are the thing that most municipalities are into now in order to meet affordable housing mandates. I guess this is a way to finance the
by sjg007 7y ago
Accessory dwelling units are the thing that most municipalities are into now in order to meet affordable housing mandates. I guess this is a way to finance the construction and try to be the next airBnB. I wonder how it will work legally? I get the financing angle... but you’d have to attach to the primary mortgage (or a second one) I assume. Once the unit is built what’s to prevent the homeowner from reneging on the deal? How would it work if the homeowner wants to sell? Is the deal similar to how a solar lease works? An ADU will cost $150k basically and financing it shouldn’t be difficult but I can see the appeal for and end to end. I assume the homeowner is effectively on the hook for the financing and some minimum 50% term reduces the capital cost.