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California Relaunches Dream for All Program to Assist First-Time Homebuyers

February 13, 2024

Dear Neighbor:

The California Housing Finance Agency (CalHFA) has announced that it will be administering an additional round of applications for the California Dream For All Shared Appreciation Loan Program, an initiative I created through the 2022-23 State Budget. Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth.

The program provides first-time homebuyers with up to 20% of the home purchase price to be used as a down payment and/or closing costs assistance, up to $150,000. The state will be repaid the loan plus a share of the home’s appreciation when the home is sold again, and the repayment would go into a revolving fund to allow other future homebuyers to take advantage of the program.

Last year, $300 million was set aside for the program, and it was so popular that the funds were exhausted within just eleven days.

An additional $220 million has been allocated for the Dream for All program in the 2023-24 State Budget. This next round of funding will target first-generation homebuyers, with an equitable distribution to different regions of the state, and will prioritize homebuyers in the lower tiers of income eligibility.

Homebuyers must first find a state-approved lender and register with CalHFA. The application period will open in April and buyers will have a month to submit their application. CalHFA will use a lottery to allocate a number of vouchers for each region of the state based on its share of the state’s households. An estimated 1700 - 2000 vouchers will be distributed and must be used within 90 days.

Eligibility Criteria:

  • Each borrower must be a first-time homebuyer and least one borrower must be a first-generation home-buyer, defined as someone who has never owned a home and whose parents did not own a home, or someone who grew up in foster care.
  • All borrowers must occupy the property as their primary residence within 60 days of closing.
  • Income must be less than or equal to 120% of the area median income
  • Borrowers must be U.S. citizens or a Qualified Alien, and at least one borrower must be a California resident

For details and to sign up for CalHFA’s program updates go to:


Toni Atkins signature
Toni Atkins
Senator, 39th District