5 LIES about the $40K ADU Grant Program
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- Опубліковано 31 сер 2022
- Get the real facts about the $40,000 ADU Grant, including how to get it without a loan or refinance, how to correctly read the income eligibility requirements, how to apply if you have a multi-unit project or a larger project than just one ADU, how to use the future value of your ADU when qualifying, and more.
Truth number 1 and 2 are by Charles Edington at RenoFi -
loan.renofi.com/how-to-adu/
Truth number 3 is by Katherine Peoples at HPP CARES - www.hppcares.org/adu/adu-gran...
Truth number 4 and 5 are by Patrick and Sean Germon at CalCon -
go.onetrusthomeloans.com/CalH...
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🏠 Watch the latest videos about the CalHFA ADU Grant: • Get $40,000 to build y...
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Thank you!!!
Another lie is the steps they initially told us we had to take to get our money released to us. I'm still fighting to get mine, and HPP Cares keeps adding to the requirements. The state treated it as though I actually received that full 40k in 2022 as income (with issuing a 1099for it for last year.)
Sorry to hear that!
I applied when I saw your last video and I emailed to follow up but never heard back
Thank you
You're welcome! Thanks for watching
Great info as always. I want to know if the grant will be taxed? Or trigger income marginal tax?
It will be taxed. Trying to get a good taxpro on the show but haven’t found them yet
Anyone here go through CCEDA?
About 275 people if I had to guess! :)
Would love to hear feedback on how it went, from someone that did it. @@HowToADU
I am finding that all the lenders I’ve spoken with do indeed require a refi or construction loan.
The 3 that advertised loans in second positions are calcon, benchmark and patelco.
I think 4:10 answered but you can use the grand for permitting on a prefab adu? And permitting is really about all it could be used for?
Will it cover plans and permits. When can you get it covered..during before or after completion.
CalHFA has announced the grant is paused as they have distributed the first $100MM. More info on their website
Im on unemployment do u think i can qualify?? I want to build a small unit 10×12
We will have to learn details from CalHFA. In the last round, source of income was not an eligibility filter - income was.
At 4:30 did the guy say you can't use the money for construction, labor or materials? Isn't that most of the cost? Did I misunderstand that? Also, if I get the grant, does that mean I can't pull permits as an "owner-builder?"
That is most of the cost, indeed. But the grant is for the soft costs. That's the way the state set it up.
Re: owner builder, it's complicated. Out of all the lenders/entities that can currently qualify you for the grant, none of the ones I've spoken to will let you apply as an owner-builder. Having said that, CalHFA doesn't have a specific requirement about this. It's the entities. So currently, no. But watch this space because you never know when somebody will change their rules, or a new entity enters the field.
Can this be granted for new single family development? Why does it have to be an ADU?
There are different funding sources to catalyze different types of housing. And each program has different goals and requirements. 🤷♂️ if you’re in CA you may want to check out what’s available for other types of development in your area!
@@HowToADU yes, in CA. Do you know any specific programs?
Am I too late to apply, as I've already paid architect and pay city for planning and fee for pulling permit in last 2 months.
There are ways to be reimbursed depending on how you're financing, and there are soft costs that can still qualify for the grant depending on who you're working with and how they itemize. Speak to your team and one of the entities like HPP CARES or CCEDA.
Applied for the Garage conversion ADU grant 40k cash pre-deposit option. Used HPPCares. Referenced you. Application confirmed, when she called back, but she stated I was on a "waiting list". HPP Rep was Melissa, not Katherine. Was wondering if you knew what that meant time frame wise. ADU grant fully funded already round 1? Thanks!
Not sure who is maintaining the “waiting list” in that scenario. I’ll dig around. But awesome that you got in!
@@HowToADU Thanks Ryan!! I noticed your pinned comment on the HPPCares interview with a 17day waiting to signing docs...
@@kevincurtis5568 Yes, the more data we get like that from applicants, the better. (Having said that, it's self-reported and I can't guarantee that it's the same funnel for all application types!)
What company’s on the cal adu list do equity loans/ lines. I
You have to contact the lenders for specific rates and details. Broadly speaking, the lenders only qualify you for the grant if you get a construction style loan (no LOCs) and HPPCares let’s you bring any financing to the table. And the regional cities and non profits are all unique.
Will your property be reassessed for the additional $200,000+ increase in value?
Speak to your tax assessor about the details for your project. Broadly speaking, in California, the value of the ADU is appraised and added when work is completed. It should not usually trigger a tax reassessment on the existing home.
@@HowToADU Thanks for the response. Since the renovation will be added to the value of the house, the next tax bill will reflect it. Wow, on $250,000 value of an ADU, that could be around $3,000/yr. Yikes.
How can I apply for the adu 40k grant
I went to the application website and can’t find the damn application!!!!
Part 2 of the video, "individual on the deed can apply; not limited to household income. The lady, who is she? and how can I contact her?
That’s Katherine from HPP Cares. The grant is currently paused and fully subscribed fyi
Ryan , how can I contact that lady for the grant? I was told that I need to refi . Thanks
Read this page very carefully: www.hppcares.org/adu/adu-grant.php
You may want to watch the longer video interview with Katherine too: ua-cam.com/video/3Obncj4pBnU/v-deo.html
Any recommendations for prefab 2 bed adu in socal? I'm in los angeles county. I applied through hppcares also, but it's been, two weeks. Not sure if i qualified or not. But i applied just to see the results. Thanks again for providing the regular guy or gal with info we would have to months to find.
Thanks for watching. Have you seen the video with sonderpod? They’re a sponsor that does great modular units. I also like prefabADU for panel kits
@@HowToADU I'll look through your videos. Thanks for the reply
Is there a list of people who got the grant in California yet would like to rent ....
Not to my knowledge. Might be able to public records act request something like that from CalHFA. Doubt you’d get names or private info but maybe non private data.
I just saw the second half of your question (which was cutoff when I looked in the app!) - for ADUs that might be up for rent, you can check your city's Annual Progress Report (APR) that it submits to the HCD each year. It has a full list of permits, addresses, and project status (or it should).
What is HCD.
@@ericgrajeda2671 California's housing and community development. It's like CA's version of HUD. Doesn't really matter. Google your city name and "annual progress report" and "housing"
Is this grant only if you use a contractor? I live in a city that helps homeowners to do their project themselves and i am very capable of building an adu in my property. I live in Orange County.
That's not a CalHFA requirement, but all the entities I've spoken to so far required a licensed GC. But do your own research - and stay tuned for changes/updates!
Try to avoid a contractor, they will take your eyes out with their prices.
Did you find a lender that will do owner/builder?
@HannahJoy-dj5rd no I didn’t. The 2 non lender agencies helped owner builders but most of the lenders wanted to work with a 3rd party licensed builder