Greylock Federal’s new loan program supports accessory dwelling units, which may in turn support your financial and personal goals.
This past summer, Greylock Federal Credit Union launched a new loan program to support the development of accessory dwelling units, also known as ADUs. An ADU is a smaller, residential unit located on the same property as a one to four-family home, and they have emerged as a potential solution to housing challenges across Berkshire County.
ADUs may offer solutions to other challenges, too. Popularized by short-term rental companies like Airbnb, ADUs can help families that are outgrowing a primary residence. Imagine an in-law suite for an elderly parent, a converted basement for a college student, or an over-garage apartment as another source of income.
“We’ve been watching the conversation around ADUs for a while now, and this loan product is one that meets the growing need of our community,” said Tara McCluskey, VP, Mortgage Origination, who oversees Greylock’s new program.
This product was designed specifically with the community in mind, and Myla Franklin, Community Lending Officer, has been working to inform members about ADUs. “The housing shortage requires a variety of creative solutions, and I’m excited to know that Greylock is a part of this process to create a pathway for housing.”
The 411 on ADUs
- ADUs can be integrated within the main house, attached to it, or constructed as a separate structure.
- Examples include additions to a primary residence, converted basement/garage, or a standalone backyard cottage.
- Units typically feature their own kitchen, bathroom, and living area, providing complete living facilities for one or more people.
Requirements to Borrow
- The property must be your primary residence.
- The ADU must be installed on the property securing the loan and the subject property must be a 1-4 family residential property.
- You must provide approval from the city/town authorizing the ADU’s construction.
- You must provide a copy of your accepted contract/agreement for the ADU from a licensed contractor at the time of application.
- This may be a second mortgage or first mortgage product (remember, all loans are subject to credit approval).
For more information, please contact Greylock’s Mortgage Team at 413-236-4125 or visit Greylock’s West Street branch at 150 West St., Pittsfield.