WASHINGTON–Credit unions have lined up to support a bipartisan bill aimed at increasing access to financing for Accessory Dwelling Units (ADUs).
ADUs have gotten support in many communities as a way to address the crisis in affordable housing through the building of smaller housing units on properties that currently have a house on them.
As the CU Daly reported earlier here, Greylock FCU in Massachusetts recently introduced a loan program for ADUs.
The Supporting Upgraded Property Projects and Lending for Yards (SUPPLY) Act (H.R. 4479) was introduced by Reps. Sam Liccardo (D-CA) and Andrew Garbarino (R-NY).
The Specifics
The bill specifically seeks to provide government-backed, flexible financing options to help homeowners of modest means construct ADUs, which include backyard cottages, in-law suites, and “granny flats,” according to its supporters.
“Affordable housing is foundational for a strong economy. The SUPPLY Act recognizes that availability is limited in too many communities, and more flexibility is needed to reduce costs and create additional housing options,” Jim Nussle, president and CEO of America’s Credit Unions, said in a statement. “America’s Credit Unions supports this legislation and the flexible financing it provides to build ADUs. Credit unions are trusted partners to help Americans afford homes, and our movement stands ready to help people secure housing that meets their needs.”
Statement From California League
“Credit unions have helped families achieve the American dream of homeownership for generations. As California’s housing crisis evolves, more residents are turning to ADUs as a practical solution to rising costs and limited housing options,” Scott Simpson, president/CEO of the California Credit Union League, added in a statement. “The SUPPLY Act is a meaningful step in creating flexible lending opportunities for ADUs and expanding access to affordable housing,”
Statement from NY Association
“I commend Representatives Liccardo and Garbarino on introducing the bipartisan SUPPLY Act to expand access to affordable financing for accessory dwelling units,” New York Credit Union Association President/CEO William J. Mellin said in a statement. “Credit unions are deeply committed to helping families build sustainable housing options and achieve financial stability. We look forward to continuing to work hand in hand with policymakers at all levels to ensure this legislation delivers real benefits to our members. Together, we’ll continue to champion policies that improve lives and strengthen our communities.”
