The city of Long Beach is looking to tackle the housing crisis through its new pilot Backyard Builders Program, which encourages residents to construct new housing units on their property with the purpose of renting them.
The program is meant to incentivize Long Beach homeowners to create an affordable rental unit on the property by providing up to 10 residents receive no-interest loan financing. Applications for the pilot program are now being accepted and will continue to be until Nov. 30, 2024.
Now, the program will be funded with $200,000 from the city’s General Fund. The loans provided to 10 homeowners will be 30-year loans with 0% interest, totaling up to $250,000.
The loans will be used to design and build housing units on their property as a means to “address the affordable housing shortage in Long Beach,” the city shared in a press release.
“This new Backyard Builders Program shows our unwavering commitment to providing our community with more affordable housing options and financial flexibility,” Mayor Rex Richardson said in the release. “This program will also directly support Long Beach property owners and sends the message that we are in favor of building new housing — quite literally — in our backyards.”