Greylock partners with MassHousing for ADU lending
As the cost of living continues to rise, more people are turning to alternative housing options to cut back on expenses or supplement their income. Greylock Federal Credit Union is proud to be the first financial institution in the state to partner with MassHousing in helping Berkshire County residents obtain a loan to build an Accessory Dwelling Unit (ADU).
"I hope people will be able to see these ADUs being built in the community and realize it could be an option for them, too," said Myla Franklin, Community Lending Officer.
Commonly referred to as an in-law suite, an ADU is a small residential living space, attached, detached, or inside a primary residence and located on the same property lot. It provides ample flexibility for the homeowner to fulfill a variety of needs including an opportunity for affordable independence for young adults, additional income as a rental property, or to allow multiple generations to live close by while still providing sufficient privacy.
Since the statewide program launched in 2025, nine financial institutions have signed up to work with MassHousing to provide ADU loans. Greylock is the first local financial institution to become a part of this initiative.
"We're leading because we are helping people see the alternatives during this housing shortage," said Franklin. "We are committed to making it work and helping borrowers get over the finish line."
Franklin referenced a recent analysis done by the Executive Office of Housing and Living Communities concluding that over the next decade, Massachusetts will need to build at least 222,000 new homes to meet the demands of the state's population. She spoke to the potential that these newly constructed, modern ADUs hold for supporting the needs of the community.
"The overall purpose of the program is amazing," said Laura Brown, Mortgage Underwriting Manager. "I hope to see more avenues open, making building easier so that it becomes attainable for more people."
Brown and Franklin referred to the process as a "learning curve," both for themselves and local trade professionals. Working hand in hand with MassHousing, they spoke to contractors to learn more about the permits and approvals required, aiming to improve and streamline the process.
"I talked to the borrower regularly throughout the process," said Brown. "To be able to finally get it on the closing table feels rewarding."
No matter where you are in the process, Greylock is here to help, one step at a time. Beginning in September 2026, Franklin and others will teach a class at Greylock's Community Empowerment Center (CEC) on how to kickstart the ADU process. The class will cover how to get financed, obtain proper permits, understand laws and regulations, and more.
"My advice is to come in and sit down with someone at Greylock to figure out which path and product is the right fit," said Brown. "We can help them prepare and get ready now that we have all the resources."
Whether you're searching for flexible housing options or looking for a way to earn extra income, an ADU might be the right next step.
For more information visit: