Foster City Affordable ADU Loan Program
HEART of San Mateo is honored to be the administrator of the City of Foster City Affordable ADU Program. HEART will provide technical assistance, underwriting, and loan financing to help homeowners create ADUs or JADUs. These funds were allocated by the City of Foster City to provide 0% interest loans of up to $150,000 per household to create affordable ADUs or JADUs which will be rented out to low-income households. Funding is available on a first come first serve basis for eight households in the initial phase of the program.
Households renting the ADUs must be at or below 80% of Area Median Income, as defined by the County of San Mateo, for ten years, starting from the completion of the unit. During the ten year period of the income restriction, loan payments will be deferred to incentivize homeowners to take advantage of the program.
Funding is limited and is available on a first come first serve basis. Applications are subject to underwriting and program requirements. For interested parties, please contact Alex Waggoner at [email protected]
- 650-713-2162
- 2905 El Camino Real, San Mateo CA 94403
- Mon-Fri 9:00AM – 5:00PM