Grayson votes to allow illegal aliens access to CA state home purchase program
Joins the other Assemblymembers representing Contra Costa: Wilson, Bauer-Kahan and Wicks, who support offering up to 20% for down payment or closing costs, not to exceed $150,000
By Allen D. Payton
A bill to make illegal immigrants eligible for the California Dream for All Shared Appreciation Loan Program, which provides up to 20 percent of downpayment assistance to prospective homebuyers, passed the State Assembly last month on a vote of 56-15. All four Assemblymembers representing Contra Costa County voted in favor of Assembly Bill 1840, including Tim Grayson (D-15), who represents Antioch, Lori Wilson (D-11), Rebecca Bauer-Kahan (D-16) and Buffy Wicks (D-14).
Wicks also voted for the bill, authored by Assemblyman Joaquin Arambula (D-31), as a member of the Assembly Appropriates Committee.
According to CalFHA, “The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs. Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home.”
The program offers up to 20% for down payment or closing costs, not to exceed $150,000 and is not on a first come, first served basis. The homebuyer must register for a voucher and a randomized drawing will select registrants who will receive the voucher. The program requires at least one borrower be a first-generation homebuyer and all borrowers must be first-time homebuyers.
According to the Legislative Counsel’s Digest, “Existing law establishes the California Housing Finance Agency in the Department of Housing and Community Development, and authorizes the agency to, among other things, make loans to finance affordable housing, including residential structures, housing developments, multifamily rental housing, special needs housing, and other forms of housing, as specified. Existing law establishes the California Dream for All Program to provide shared appreciation loans to qualified first-time homebuyers, as specified.
Existing law establishes the California Dream for All Fund, which is continuously appropriated for expenditure pursuant to the program and defraying the administrative costs for the agency. Existing law authorizes moneys deposited into the fund to include, among other moneys, appropriations from the Legislature from the General Fund or other state fund.
This bill would specify that an applicant under the program who meets all other requirements for a loan under the program, including, but not limited to, any requirements imposed by the Federal National Mortgage Association or other loan servicer, shall not be disqualified solely based on the applicant’s immigration status.
By expanding the persons eligible to receive moneys from a continuously appropriated fund, this bill would make an appropriation. The bill would recast the fund so that appropriations from the Legislature from the General Fund or other state fund are deposited into the California Dream for All Subaccount, which the bill would create and make available upon appropriation by the Legislature for specified purposes.”
AB 1840 is now up for votes by the State Senate Housing and Judiciary Committees before a possible vote on the floor.
the attachments to this post:
AB1840 Assembly vote 5-21-24
CA Dream for All graphic
