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Greylock Federal joins MassHousing's accessory dwelling unit loan program
Money Moves Boston, MA localThe Pittsfield credit union is the ninth lender in the state's program financing backyard cottages and basement apartments
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Overview
Updated 1 hour agoMassachusetts needs at least 222,000 new homes over the next decade. Accessory dwelling units (backyard cottages, converted basements, over-garage apartments) are one way to add them without new land or large-scale construction.
Greylock Federal Credit Union, based in Pittsfield, has joined MassHousing's Accessory Dwelling Unit Loan Program. The credit union says it's the first Berkshire County lender in the program, which pairs interest-bearing loans with zero-interest deferred financing for income-eligible homeowners.
Why it matters
If ADU lending scales, Massachusetts homeowners gain a new way to add housing and rental income without new land or large developments.
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Key Indicators
9
Lenders in MassHousing's ADU program
Greylock is the ninth financial institution to sign up since the program launched in 2025.
$250K
Maximum loan for a detached ADU
The program lends up to $250,000 for detached units and $150,000 for attached ones.
222,000
New homes Massachusetts needs in a decade
State analysis projects at least 222,000 new homes needed over the next decade.
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People Involved
Myla Franklin
Community Lending Officer at Greylock Federal Credit Union
Leading outreach for Greylock's ADU program; teaching September 2026 classes
TM
Tara McCluskey
Vice President of Mortgage Origination at Greylock Federal Credit Union
Oversees Greylock's ADU loan program
Laura Brown
Mortgage Underwriting Manager at Greylock Federal Credit Union
Manages underwriting for Greylock's ADU loans
Organizations Involved
MassHousing
State housing finance agency
Administers the Accessory Dwelling Unit Loan Program
MassHousing is Massachusetts' affordable housing finance agency, created in 1966 to provide capital for affordable rental housing and homeownership.
Greylock Federal Credit Union
Credit union
Ninth lender in MassHousing's ADU program; first from Berkshire County
Greylock Federal Credit Union is a member-owned credit union based in Pittsfield, Massachusetts, serving Berkshire County and nearby New York communities.
Executive Office of Housing and Livable Communities
State agency
State housing policy agency; produced the 222,000-home analysis
The Executive Office of Housing and Livable Communities is Massachusetts' housing policy agency, overseeing housing production and community development.
Timeline
August 2024 September 2026
4 events
Latest: 2 days ago
Tap a bar to jump to that date
-
Greylock joins MassHousing ADU program
Latest PartnershipGreylock Federal becomes the ninth lender and first Berkshire County institution in MassHousing's Accessory Dwelling Unit Loan Program.
-
Greylock launches its own ADU loan product
Product LaunchGreylock Federal Credit Union introduces an ADU loan program for Berkshire County homeowners, ahead of joining the MassHousing network.
-
MassHousing launches ADU loan program
Program LaunchMassHousing starts its Accessory Dwelling Unit Loan Program, offering income-eligible homeowners financing for attached and detached units. Exact launch date in 2025 not specified.
-
Massachusetts legalizes ADUs by right
Rule ChangeGovernor Maura Healey signs the Affordable Homes Act, allowing accessory dwelling units by right in single-family residential zones.
Historical Context
2 moments from history that rhyme with this story — and how they unfolded.
2010-2016
Portland's ADU fee waiver (2010-2016)
Portland waived system development charges for ADUs starting in 2010, cutting the cost of adding a unit by thousands of dollars. Annual ADU permits rose from about 100 to more than 800 by 2016.
Then
Portland became an early US leader in ADU construction, adding thousands of units.
Now
The city reinstated some fees as the program matured, showing how financial incentives can be adjusted.
Why this matters now
Portland shows how removing cost barriers changes construction volumes. Massachusetts is using a different lever: cheaper capital through state-backed loans.
2017-2022
California's ADU boom (2017-2022)
California passed laws in 2017 and 2019 making accessory dwelling units legal by right in most residential zones, overriding local restrictions. ADU permits grew from roughly 1,200 in 2016 to more than 20,000 in 2022.
Then
ADUs became a major source of new housing in California, especially in coastal cities where land is scarce.
Now
California's by-right model became the template for other states, including Massachusetts.
Why this matters now
Massachusetts copied California's by-right approach in 2024. California's trajectory shows the potential scale, but also that financing and construction costs are the next hurdle after zoning.