New Funding for ADUs in NYC
Mayor Adams announced a significant boost in funding for a grant program aimed at assisting city homeowners in constructing accessory dwelling units (ADUs) on their properties. With $4 million in new investment, the plan is part of the mayor’s initiative to address the housing shortage in the five boroughs.
Details of the Program
Under the program, homeowners can receive individual grants of $395,000 to cover the costs of building an ADU. The funding will support the construction of 20 ADUs, building on the initial investment provided by the state government last year. These ADUs, such as basement apartments or backyard cabins, offer additional housing options on existing properties.
Addressing the Housing Crisis
As rents soar and the availability of apartments decreases in NYC, the construction of ADUs presents a viable solution to the housing crisis. By incentivizing homeowners to create additional rental units, the city aims to provide more affordable housing options while allowing homeowners to generate income.