Option To Provide Affordable Housing (No Land Costs/Structured Incentives)
Addresses Wilmington City Council Major ADU Concerns
Cities Save Costs Of New Infrastructure
Distributed rather than concentrated development projects which Minimizes environmental and social impacts
Creates Heterogeneous Neighborhoods
Contributes Towards Economic Development – Rental Income Stays Local
About US
Housing Professionals have coined the phrase “Accessory Dwelling Unit” (ADU), to describe the trend where homeowners add a detached, or attached apartment for additional income or accommodating additional family, etc..
Presented here is a program to enable, incentivize and support homeowners to build ADU’s as affordable rental units
For the community this means leveraging private sector resources to create a scalable solution for additional affordable housing in welcoming, multi-generational and diversified neighborhoods.
Leadership: Roger A. Gins, Executive Director. After graduating architecture school was hired as a development project manager in Myrtle Beach, SC of a PUD on the intercoastal waterway and a strip center in Socastee SC.
After obtaining an MBA, Roger became a construction lender for one of the largest banks in New York City, now part of JP Morgan Chase. From there recruited as the Chief Executive Officer of a medium size owner and developer owning 2,000 residential units and 1.2 million of commercial space, with development projects in 3 states.
Was then appointed by the Governor of New York State as COO and SVP of 42nd Street Redevelopment Agency, one of the State’s largest redevelopment projects. Went on to build Habitat Technologies that brought to market ”Smart Building” technology to the Multi Dwelling Unit (MDU) segment.
As a real estate advisor consulted firms specializing in Project and Feasibility Planning, Redevelopment Studies, Transaction Management.
Proposed Financial Incentive Program
Accomplished by offering advantageous financing terms on mortgages through Banks’ Community Reinvestment Act (CRA) commitments and other affordable housing initiatives.
Allow income from the projected rents to be included in qualifying income for the homeowner (applicant)
No lease-up risk as rents are below market
Set appraised values as the primary house plus an income producing property (ADU) and before construction to include the completed ADU in the property’s value (L/V) and market rental rates for the value.
Declining prepayment penalty
Offer discounted interest rate on the mortgage
Increase cash flow to home owners between $6,000 to $11,000
In Exchange – Restrict Rents to HUD “Affordable” Rates
Insure Project Success
Backyard Housing Group will provide the following services Feasibility / Pre-Qualify Homeowners
Assist In Sourcing Design Resources
Assist With Permits
Assist With The Construction Process
Tenant Relations
Program Enforcement
Contact Us
Please feel free to contact us with your questions, comments and ideas.