Eagle County has created the Aid for ADU's program. What is ADU? ADU is accessory dwelling unit. The Aid for ADU's is a sweet loan available for Eagle County homeowners that are looking to create an in-law suite, secondary apartment, garage apartment, or lockoff- ADUs have many different names in the valley. For this program, the ADU must contain, at minimum- kitchen facilities that include sink, and stove or oven, bathroom that includes toilet, sink, and shower or tub, a living area, a sleeping area, and parking.
The intention of the program is to create long term rentals for locals, and the renters must be eligible- employed full time, year round in Eagle County. The rent in the new additional dwelling unit must not exceed some very generous rates based on HUD numbers. For example, studio apartments can be rented out for $1,957.
Here is the loan info, which we think is gloriously generous- a loan of up to $100,000 is available to qualified homeowners. There is no interest or payment due for the first three years, and after that, the annual interest is maximum 2%.
Now, we are not bankers, I'm a writer, and Lee builds stuff, but that sounds pretty awesome!
Now, for the coolest part- LMS Construction is getting to work this week on one of these ADU's in Eagle. We are taking the roof off of this garage, creating a second floor apartment, and putting the roof back on top! Below, you will find the apartment plans. Lee is the master of creating beautiful, functional additional bathrooms, so we cant wait to see how this one looks when it's all done!
Keep scrolling to get more info on the loan, and who to call if you have questions!
Here is a link to Eagle County's housing page-
And a link to the PDF about ADUs and this loan-
And here is the number to call to speak with an awesome person- Meghan Scallen about any questions. 970-328-8778