Santa Rosa credit union, Napa nonprofit launch effort to boost housing construction
A Santa Rosa-based credit union and a Napa Valley nonprofit have announced plans to start a loan program aimed at homeowners who want to build second or accessory dwelling units on their property.
The program by Redwood Credit Union and Napa Valley Community Foundation is called a “first of its kind” partnership.
Housing needs continue to be among the more pressing issues for business in recruitment as well as cities which aim to develop more homes. Allowing property owners to build smaller units has been a goal of government include recent efforts in the North Bay and at the state level to reduce the red tape in getting financing and approvals for those projects.
One nonprofit, the Napa Sonoma ADU Center, launched as a pilot in May 2020 to serve as a neutral third party working across the public and private sectors to help increase ADU development across all 16 jurisdictions in Napa and Sonoma counties.
The new program will include free technical assistance to local homeowners via the nonprofit Napa Sonoma ADU Center, according to the announcement.
“The need for affordable housing has never been greater, and we see this partnership with the Napa Valley Community Foundation as a way to be part of the solution,” stated credit union President and CEO Brett Martinez. “By offering specialized financing for the creation of ADUs, RCU is helping to provide a brighter future through housing opportunities and economic stability across our region.”
To learn more about the new ADU loan product and free technical assistance available, local homeowners are invited to join a free webinar hosted by the Napa Sonoma ADU Center and Redwood Credit Union on Tuesday, March 29 at 6 p.m.
The credit union’s Sean Charter, assistant manager for construction lending, offers individualized consultation about financing an ADU project (email@example.com or 707-576-5339).