State House News covers hearing on accessory apartment loan program

State House News covered the July 28th hearing on the accessory apartment loan bill before the Joint Committee on Housing. AHP Director Cheryl Ryan Chan was quoted in the article.

The bill, S. 708, would allow homeowners to take out a loan from the state to create an accessory apartment of up to two bedrooms, provided a person with a disability or a senior citizen resided in the new unit or in the original part of the home. Owner-occupiers could borrow up to either 50% of construction costs or $50,000, whichever is less. A special needs trust would count as an owner-occupier. The loan could potentially have deferred payments and 0% interest, provided a deed restriction is in place and its terms continue to be met.

Margolis and Bloom blog post summarizing the bill can be found here.

To learn more about accessory apartments, check out this fact sheet.