The Cooperative Bank of Cape Cod Launches Loan Program for Accessory Dwelling Units

Shanika Rogowski, Senior Vice President, Chief Residential Lending Officer

The Cooperative Bank of Cape Cod has introduced a loan program designed to provide homeowners capital to create Accessory Dwelling Units (ADUs), a key tool to help alleviate the region’s severe housing crisis.

An ADU is a self-contained living space or apartment in a single-family home that is either attached to it or in a separate structure on the same property. They have been recognized as effective solutions to provide much needed affordable housing while generating revenue for homeowners as they become landlords in the comfort of their own homes.

The Coop has implemented flexible qualifying guidelines to streamline the ADU loan qualification process, including allowing the use of projected rental income to be considered with the applicant’s existing income. Financing for an ADU can take either first or second lien position depending on what best suits an individual’s needs. Applicants must also present evidence of a town-issued building permit and copies of construction plans and specifications.

“There are residents and families struggling to stay on Cape Cod due to the rising costs and low inventory of year-round rental housing,” said Shanika Rogowski, SVP, Chief Residential Lending Officer of The Cooperative Bank of Cape Cod. “We need to encourage creative solutions, such as ADUs, to maintain multi-generational communities and support a workforce so crucial to the livelihood of local businesses and our regional economy. The Coop is committed to partnering with homeowners to offer quick decisions and competitive interest rates to build out ACUs.”

To date, the majority of towns on Cape Cod have passed updated bylaws to allow ADUs.

Alisa Magnotta, CEO Housing Assistance Corporation

“While designing the My Home Plus Home ADU technical assistance program, we realized early on that one major obstacle to building ADUs was the lack of loan products for homeowners that enabled them to meet the upfront costs of construction, said Alisa Magnotta, CEO, Housing Assistance Corporation. “One phone call with Lisa Oliver changed that reality. The team at The Cooperative Bank of Cape Cod listened to our concerns and created a flexible loan that offers homeowners the option of using the projected rent from the new ADUs to service the debt.”

“This new product opens doors for homeowners who may otherwise not be in a position to build a small rental on their property,” added Magnotta. “I am incredibly grateful that this important institution used their expertise and resources to address the shortage of year-round rentals in our region.  It’s a great testament to their commitment and leadership.”

Homeowners interested in creating an ADU can contact Housing Assistance Corporation or visit for technical assistance in determining what they can build on their property, connecting with contractors, landlord support, and possible financial incentives to help further offset construction costs.

Applications and additional information about The Coop’s ADU loan program can be found at