New Hampshire HB604 establishes a loan forgiveness program for low-income homeowners to build or renovate accessory dwelling units (ADUs).

New Hampshire HB604 creates a conditional loan program administered by the New Hampshire Housing Finance Authority. This program offers loans to lower-income homeowners for constructing new ADUs or renovating existing structures into ADUs. To qualify, homeowners must have a household income at or below 80% of the area median income and commit to maintaining the ADU as affordable housing. Loans are forgiven if the ADU is rented affordably for the loan term and if the affordability requirement is maintained in case of property sale.

New Hampshire HB604 establishes a loan forgiveness program for low-income homeowners to build or renovate accessory dwelling units (ADUs).

New Hampshire HB604 creates a conditional loan program administered by the New Hampshire Housing Finance Authority. This program offers loans to lower-income homeowners for constructing new ADUs or renovating existing structures into ADUs. To qualify, homeowners must have a household income at or below 80% of the area median income and commit to maintaining the ADU as affordable housing. Loans are forgiven if the ADU is rented affordably for the loan term and if the affordability requirement is maintained in case of property sale.