Improving ADU Finance
February 24, 11:00am - 12:30pm
This webinar made possible by our funders and premier members
Schedule
11:00 am - Welcome - Katherine Peoples McGill, Casita Coalition Board Member
Katherine Peoples McGill is founder of HPP CARES, a HUD-approved housing counseling agency and CDE/CDFI that provides education and financial services in low-income communities and to people of color. HPP CARES educational offerings on foreclosure, first time home buying, financing essentials and ADUs have reached tens of thousands since launch in 2009.
11:05 am - ADU Loan Options - Lily Steponaitis, Racial Wealth Gap Initiative Coordinator, Self Help Federal Credit Union
With more flexibility than banks, credit unions, and CDFIs have been pioneers in creating specialized ADU loan products and partnering with cities and nonprofits on ADU programs. Lily Steponaitis of Self Help Federal Credit Union provides an update on existing programs and what’s on the horizon to help homeowners get ADUs built in the current lending environment.
11:15 am - ADU Appraisal Best Practices - Sandra Adomatis, President-Elect, Appraisal Institute (recorded)
Casita Coalition board member Susan Brown sat with Sandra Adomatis of the Appraisal Institute to get the highlights of her recent paper on best practices for valuing ADUs. Appraisals are a critical component of ADU financing and present unique challenges for professionals and borrowers.
11:25 am - ADUs in the MLS - Andy Nguyen, Director of Data Services, California Regional Multiple Listing Service
Searching for homes with ADUs on multiple listing platforms can be frustrating for real estate professionals, appraisers and homebuyers, with different naming conventions and required data fields creating complications that have far-reaching impacts. Andy Nguyen of CRMLS, a multiple listing service with established ADU fields, shares their approach to this under-the-radar ADU barrier.
11:35 am - Scalable ADU Finance Model - Project REACh Los Angeles (Cristian Correa, Caliber Home Loans, Carmel Sella, Wells Fargo)
Project REACh (Roundtable for Economic Access and Change) is a national initiative of the Office of the Comptroller of the Currency to identify ways that financial institutions can address racial inequity and systemic barriers to economic opportunity. Their research into ADUs as a way to help stabilize communities resulted in an innovative pilot program concept.
11:45 am - Lender Reality Check - Susan Brown, CoreSGB
Susan Brown, Casita Coalition board member and founder of CoreSGB, shares the lender’s perspective on loans for duplexes, lot splits, and construction loans, as well as an Oregon success story and ideas that could encourage more lenders to get into the ADU space.
11:55 am - The Co-Buying Trend - Joe Hoppis, Pairadime
Realtor Joe Hoppis of Pairadime, a co-buying platform, had an epiphany when in the course of one day, he showed a home to three separate single teachers, none of whom could afford to purchase it by themselves. “You should club in and purchase it together!” he joked. “Is that a thing?” one teacher asked. It is indeed a thing, and it’s becoming more popular the more unaffordable homes become.
12:05 pm - Napa County Affordable ADU Forgivable Loan Program - Jennifer Palmer, Napa County; Scott Johnson, Napa Sonoma ADU Center
New incentive program provides forgivable loans and support for lower-income homeowners in Napa County. Developed in partnership with the Napa Sonoma ADU Center, this program aims to incentivize owners to create affordable rental homes by covering the gap between future market and affordable rate rent.
12:10 pm - Q & A
Please use the Q&A feature and keep your questions general. For the Q & A Panel, presenters will be joined by Abdur Abdul-Malik of A Quality Appraisal.
12:30 pm - Adjourn–thank you!
Slides and recording will be available within one week after the event.