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November 30, 2023

New York’s “Plus One ADU” Pilot Program: Affordable Housing and Extra Income for Homeowners

New York Funds a Pilot Program Called “Plus One ADU”

The Big Apple is feeling generous! New York State Homes and Community Renewal has decided to use their pocket money – a cool $2.6 million grant – on a new pilot program. It’s called “Plus One ADU”, not to be mistaken for some sort of premium music subscription.

What’s the Big Idea?

The big idea is to help single-family homeowners with a plus one. And by “plus one”, I mean an extra space, an Accessory Dwelling Unit (ADU), not a date to your cousin’s wedding. This nifty program targets eligible single-family homeowners and throws funds their way to build or renovate this additional unit.

Let the Lottery Begin!

But don’t go thinking you can just step right up and grab your cash. Nope, there’s some fine print. Only as many as 15 single-family homeowners will be granted this golden ticket, and it’s not for everyone. They must be eligible, which generally means owning a property in a target area, willingness to rent the unit to a low or moderate income tenant and agreeing to meet other conditions so they’re not just building a new home theater.

Here’s the hot take!

In the grand game of Monopoly that is real estate, it looks like New York is laying down some solid philanthropic plays. The “Plus One ADU” program isn’t just about turning homes into mini-apartment complexes, it’s about putting roofs over the heads of those who might not afford it otherwise, while helping homeowners make some extra dough. It’s like a feel-good reality TV show except it involves actually helping people and there are no roses involved.

But hold on, my friendly homeowners! Make sure you’ve read the fine print. After all, this isn’t a cash boost to build your dream fortress complete with a moat and an army of battle-ready flamingos (Yes Jim, we’re looking at you). Instead, it’s a rare chance to be part of a well-intentioned initiative that promotes a balance between our love for personal spaces and the need to provide affordable living. Unfortunately, the ticket numbers are limited, so you better be quick! May the odds be ever in your favor!

Original article: https://www.inman.com/2023/11/28/need-an-in-law-suite-nyc-will-give-you-395k-to-build-a-tiny-home/

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Martin Towers


Martin is an ex Real Estate Agent turned digital marketer and entrepreneur now specialising in helping Realtors all around the world

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