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United States : JP Morgan funds $3.5 million accessory dwelling development.

JP Morgan Chase has recently funded $3.5 million accessory dwelling development in San Jose.

Several prefab construction companies are making a name for themselves with their environment conscious and low-cost options, as accessory dwelling units become a popular source of passive income for homeowners.

JP Morgan has just jumped the bandwagon with a $3.5 million grant to be shared equally by two nonprofit lenders: Housing Trust Silicon Valley in San Jose and Genesis LA Economic Development Corp in Los Angeles.

These initial efforts are being moved forward with the aim of becoming statewide. Expectations are certainly high, particularly for regions where low- to middle-income housing is scarce.

Kevin Zwick, CEO of Housing Trust Silicon Valley, said, Were imagining that people will build these accessory dwelling units and rent them to the kindergarten teacher at their kids school. Theres a lot of people whod want to take advantage of this, but the process of building, owning and renting out an accessory dwelling unit can be more complicated than it seems.

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Publication:Mena Report
Date:Oct 18, 2017
Words:185
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