Trending...
- The 2025 ESPY Awards After Party- Presented by Poppi & High Noon
- General Auction Company Announces August 8th Auction- Now Accepting Consignments
- $53 Million Company Valuation Investment with Majority Acquisition Option, Plus New Stock CUSIP Supporting Brand Transition of Fan Engagement Company
FOR IMMEDIATE RELEASE
May 12, 2021
Media Contact:
Rachel Davis, Press Secretary, Office of Mayor Sam Liccardo, rachel.davis@sanjoseca.gov, 408.712.9149
SAN JOSÉ, CA - Today, San José Mayor Sam Liccardo joined Steve Vallejos, President ofprefabADU, and Mike Eggiman with 29th Street Capital, to announce the launch of the first and only 0% interest loan for accessory dwelling units (ADU) on the market. The San Jose Scaling Accessory Dwelling Unit (ADU) pilot program will provide 20-30 qualifying applicants a 0% interest loan for six months to finance 100% of the costs associated with permitting and building an ADU. PrefabADU also announced the goal of building 200 affordable by design backyard homes over the next year by taking advantage of their preapproved design plans to expedite the permitting process. These ADUs will add greatly needed housing stock to San Jose to help combat the housing crisis.
"We committed to make San Jose the nation's leader in helping homeowners deploy backyard homes to expand housing supply and affordability by inviting innovators from across the region to help us reduce costs, speed construction, and ease permitting challenges." said San Jose Mayor Sam Liccardo. "We applaud the partnership between prefab ADU and 29th Street Capital to offer a critical financial innovation: 0% short-term loans that can help strapped homeowners reduce the cost of construction, while adding 200 affordable by design units to our housing stock."
More on The Californer
While ADUs continue to gain popularity, financing options have yet to catch up with the demand. Without a finished unit or proof of income from a tenant, many lenders view ADUs as risky investments. To address this challenge, 29th Street Capital is partnering with the City of San Jose and prefabADU to offer a 0% interest loan for 6 months to 20-30 customers as a bridge between building an ADU and accessing traditional loan options. After six months, interest rates will go up to 9.95% to encourage homeowners to refinance through a traditional lender for long term financing.
"Piloting ADU ideas is something we've done for 16 years," said Steve Vallejos, President of prefabADU. "Today we take on financing, which is the next step in our evolution as an industry"
Led by prefabADU, the San Jose ADU Pilot program offers two preapproved standardized ADU plans that have been utilized throughout the Bay Area and can be installed in 90 days. These preapproved plans allow for smoother, more expedited planning, building, and permitting processes for site-specific ADUs within the city. All plans are smaller than 750 square feet, so homeowners won't be required to pay impact fees.
More on The Californer
Symbium Build, provides a free online tool that allows homeowners to verify an ADU works on their property, allowing them to virtually place one of the preapproved designs from prefabADU within their property lines.
To learn more about San Jose Scaling ADU's pilot program, visit here.
To determine if a property pre-qualifies, owners can fill out a pre-qualification ADU form here.
To watch the press conference, visit here.
###
DISCLAIMER: The City of San Jose can neither offer any financial advice, nor recommend any particular firms or loans to residents.
About the City of San José
With more than one million residents, San José comprises the 10th largest city in the United States and one of its most diverse cities. San José's transformation into a global innovation center in the heart of Silicon Valley has resulted in the world's greatest concentration of technology talent and development.
May 12, 2021
Media Contact:
Rachel Davis, Press Secretary, Office of Mayor Sam Liccardo, rachel.davis@sanjoseca.gov, 408.712.9149
SAN JOSÉ, CA - Today, San José Mayor Sam Liccardo joined Steve Vallejos, President ofprefabADU, and Mike Eggiman with 29th Street Capital, to announce the launch of the first and only 0% interest loan for accessory dwelling units (ADU) on the market. The San Jose Scaling Accessory Dwelling Unit (ADU) pilot program will provide 20-30 qualifying applicants a 0% interest loan for six months to finance 100% of the costs associated with permitting and building an ADU. PrefabADU also announced the goal of building 200 affordable by design backyard homes over the next year by taking advantage of their preapproved design plans to expedite the permitting process. These ADUs will add greatly needed housing stock to San Jose to help combat the housing crisis.
"We committed to make San Jose the nation's leader in helping homeowners deploy backyard homes to expand housing supply and affordability by inviting innovators from across the region to help us reduce costs, speed construction, and ease permitting challenges." said San Jose Mayor Sam Liccardo. "We applaud the partnership between prefab ADU and 29th Street Capital to offer a critical financial innovation: 0% short-term loans that can help strapped homeowners reduce the cost of construction, while adding 200 affordable by design units to our housing stock."
More on The Californer
- A Century of Compassion: Butte Humane Society Hosts 114th Anniversary Gilded Garden Gala
- United Set to Hire More Special Olympics Athletes As Customer Service Ambassadors
- Exelon Leader Tamla Olivier Named 2025 Technologist of the Year by Waves of Change STEM Conference
- KIDZ BOP RELEASES BRAND NEW ALBUM 'KIDZ BOP 51' FEATURING HITS "APT" & "PINK PONY CLUB"
- Be Part of the World's Largest Art Biennale | Moons, Castles, Trees | Copenhagen Chronotopes
While ADUs continue to gain popularity, financing options have yet to catch up with the demand. Without a finished unit or proof of income from a tenant, many lenders view ADUs as risky investments. To address this challenge, 29th Street Capital is partnering with the City of San Jose and prefabADU to offer a 0% interest loan for 6 months to 20-30 customers as a bridge between building an ADU and accessing traditional loan options. After six months, interest rates will go up to 9.95% to encourage homeowners to refinance through a traditional lender for long term financing.
"Piloting ADU ideas is something we've done for 16 years," said Steve Vallejos, President of prefabADU. "Today we take on financing, which is the next step in our evolution as an industry"
Led by prefabADU, the San Jose ADU Pilot program offers two preapproved standardized ADU plans that have been utilized throughout the Bay Area and can be installed in 90 days. These preapproved plans allow for smoother, more expedited planning, building, and permitting processes for site-specific ADUs within the city. All plans are smaller than 750 square feet, so homeowners won't be required to pay impact fees.
More on The Californer
- California sends more search and rescue crews to Texas
- YourEggs Is Leading the Way in Providing Access to the Best Asian Egg Donors to Families Worldwide
- California: Governor Newsom and Acting Governor Kounalakis honor fallen CDCR Parole Agent
- California sues to stop Trump's politically motivated attack on high-speed rail
- SeedList Launching Institutional Crypto Crowdfunding Project to Empower Retail Investors and Disrupt the VC-Dominated Crypto Fundraising Landscape
Symbium Build, provides a free online tool that allows homeowners to verify an ADU works on their property, allowing them to virtually place one of the preapproved designs from prefabADU within their property lines.
To learn more about San Jose Scaling ADU's pilot program, visit here.
To determine if a property pre-qualifies, owners can fill out a pre-qualification ADU form here.
To watch the press conference, visit here.
###
DISCLAIMER: The City of San Jose can neither offer any financial advice, nor recommend any particular firms or loans to residents.
About the City of San José
With more than one million residents, San José comprises the 10th largest city in the United States and one of its most diverse cities. San José's transformation into a global innovation center in the heart of Silicon Valley has resulted in the world's greatest concentration of technology talent and development.
0 Comments
Latest on The Californer
- CelluHeal™ Launches Full Line of Advanced Wound Dressings for Online Purchase in the USA, Canada, and Beyond
- California: Governor Newsom responds to Trump's latest gift to China: Defunding America's only high-speed rail
- California: Governor Newsom announces appointments 7.16.25
- California: Governor Newsom calls on Trump to end Los Angeles militarization, shares community resources
- City of Long Beach to Host Compost and Recycling Ambassador Program
- AMAZON DRIVERS IN CITY OF INDUSTRY JOIN THE TEAMSTERS
- Silva Construction Details Common Home Renovation Mistakes and How to Avoid Them
- Governor Newsom invites LA Fire survivors to continue shaping rebuilding efforts through Engaged California
- DOGUE Magazine and CoverDogs Announce Series A to Redefine Modern Pet Culture
- Voices for Humanity Treks High into the Himalayas to Deliver the Way to Happiness with Meena Sharma
- Nonprofit innovator named Mensa Executive Director
- Following Trump cut to LGBTQ youth suicide hotline, California steps up to fill the gap
- Yasmine Roulleau named Managing Director in Vancouver, Canada
- Chasing Elizabeth Taylor — The Dazzling True Story Behind the Queen of Diamonds Now Available in Limited-Edition Hardcover
- Swim Up Hill Animation Premieres Pilot Episode of "The Adventure of Swim Up Hill"
- LOS ANGELES TEAMSTERS AT METRO TRANSIT RATIFY FIRST CONTRACT
- Calmwater Capital Funds $22.8 Million Loan to Refinance Retail Complex in Park City
- From Barrio to Transgender Pioneer: Chapter 14 Personal Injustices Faced by the Protagonist
- Blacksmith InfoSec and Liongard Launch Strategic Integration to Simplify MSP Compliance Audits
- Surefox North America & Eagle Eye International Protective Services Announce Strategic Partnership