Utica Proposes a New Relief Initiative for Homeowners

Officials in Utica, concerned about the housing shortage the city is facing, have promoted the Auxiliary Dwelling Units program in the city and, thanks to their efforts, have managed to raise a significant amount of money from the state of New York to implement its development.

The Auxiliary Dwelling Units (ADU) Pilot Program is also a relief measure for homeowners who decide to participate and meet the requirements for this important benefit.

ADU properties are considered to be any houses, buildings, basements, attics, garages, annexes, barns, or any structure that is part of or attached to the land that constitutes the main property and can be a habitable space or an auxiliary dwelling that complies with housing codes.

Therefore, if a homeowner believes that another auxiliary dwelling can be developed on their property that can meet the housing requirements and wants to participate in the program, they must consider some important considerations and requirements for the implementation of an ADU on their property.

The main objective of the auxiliary housing program is to offer eligible homeowners a forgivable loan of up to $125,000, so that with this money they can carry out the necessary constructions or works to develop another affordable dwelling within a person’s property or land.

However, the most important thing that people who wish to participate need to know, the most relevant requirements they must meet to be eligible for this housing loan, is that the homeowner must live on the property where the auxiliary dwelling will be enabled and cannot own more homes.

The income that the homeowner or homeowners can benefit from will depend on the owners of the property, meaning the income will be established per person. If they meet the required criteria, the income will also be determined by the construction expenses or modifications that the property will undergo in the creation of the extra dwelling.

Once the construction of the extra property is completed, it is required to be available for rent at fair market prices, or it can be used for family members, such as an elderly parent or an adult disabled child.

The homeowner who wishes to participate in this measure should know that this loan will be forgiven or will not have to be repaid as long as the new extra property is occupied for ten years. If the homeowner participating in the program moves, sells the property, or stops using the ADU as agreed upon by the loan, they will have to repay a portion of it. Each year that the extra property is occupied, the loan will be proportionally forgiven until the initially required term is fulfilled.

For the dwelling to fulfill the purpose of the program, which is to generate another affordable housing unit in the city of Utica, the beneficiary homeowner must commit to maintaining the dwelling as affordable during the agreed period, and the extra dwelling must at all times comply with the code.

This Auxiliary Dwelling Units Program in Utica will have qualified staff for obtaining permits and financing, and architects to design, manage, and supervise the construction of the ADU.

Available Foreclosure:

Utica: 45 homes available.

New York: 300 homes available.

By Elías DaSilva | 11 de Noviembre de 2024