This week, a bill was advanced by a critical California Senate committee. The bill would enable migrants and illegal immigrants to utilize a program that is designed to expand the pool of individuals who are eligible to become homebuyers.
The state refers to the “Dream For All” shared-appreciation loan program as a down-payment assistance program for first-time homebuyers.
According to the California Housing Finance Agency (CALHFA), the homebuyer is responsible for repaying the original loan’s down payment and a portion of the residence’s value appreciation when the qualified homeowner sells or transfers the property.
RELATED STORIES
The Senate Appropriations Committee approved the bill, which prohibits an applicant for “Dream For All” from being disqualified based on their immigration status, in a 5-2 party-line vote.
In the absence of a Social Security number, foreign-born individuals are permitted to purchase homes in the United States by utilizing an individual tax identification number. However, the measure is distinctive in that it facilitates the availability of homeownership benefits to all, according to its author.
In a statement obtained by The Center Square, Democratic Assemblymember Joaquin Arambula stated, “Undocumented individuals are deprived of a critical method of ensuring financial security and personal stability for themselves and their families when they are excluded from such programs.”
Arambula’s bill has already been approved by the state assembly, necessitating only the signature of Gov. Gavin Newsom and the ratification of the Democrat-supermajority state Senate in order to become law.
The Sacramento Bee wrote earlier this year that the “Dream For All” program may have “worked too well” in its original incarnation.
The housing agency’s spokesperson announced that the first-come, first-serve model it had implemented would be replaced with a lottery after $300 million in loans were claimed in less than two weeks, as reported by the paper.
