PITTSFIELD, Mass. (WWLP) – Greylock Federal Credit Union has become the first financial institution in Massachusetts to partner with MassHousing to offer loans for constructing Accessory Dwelling Units (ADUs).
The partnership aims to provide Berkshire County residents with funding options to help manage rising living costs and housing shortages. The program arrives as an analysis by the Executive Office of Housing and Living Communities projects that Massachusetts will need at least 222,000 new homes over the next decade to meet population demands.
An Accessory Dwelling Unit, commonly known as an in-law suite, is a small residential space located on the same lot as a primary residence, either attached, detached or inside the main structure. These units offer flexible housing options, including affordable living spaces for young adults, rental income opportunities, or multi-generational living.
A statewide ADU loan initiative launched in 2025, with nine financial institutions signing up to partner with MassHousing. Greylock is the first local institution to join the initiative.
“We’re leading because we are helping people see the alternatives during this housing shortage,” said Myla Franklin, Community Lending Officer at Greylock. “We are committed to making it work and helping borrowers get over the finish line.”
Navigating loan approvals and local regulations presented a learning curve for both credit union staff and local trade professionals. Greylock Mortgage Underwriting Manager Laura Brown said staff members worked directly with MassHousing and local contractors to better understand required permits and approvals.
“The overall purpose of the program is amazing,” Brown said. “I hope to see more avenues open, making building easier so that it becomes attainable for more people.”
Beginning in September, staff members will teach a class at Greylock’s Community Empowerment Center on how to initiate the ADU building process. The class will cover securing financing, obtaining required permits, and understanding relevant laws and regulations.
For more information, visit greylock.org.
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