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:
For details and to sign up for CalHFA’s program updates go to: https://www.calhfa.ca.gov/dream [3]
[3] |
Warmly,
Toni Atkins Senator, 39th District |
Links
[1] https://www.addthis.com/bookmark.php?v=300
[2] https://www.sandiegocounty.gov/sdhcd/rental-assistance/income-limits-ami/
[3] https://www.calhfa.ca.gov/dream