Jun 28, 2024

California to assist with down payments for up to 1,700 first-generation homebuyers

What you need to know: As part of the Dream For All Program, California is giving 1,700 first-generation buyers the chance to purchase a home. To date, this program has provided nearly 4,000 first-time homebuyers with a path to ownership by offering down payment funding assistance.

SACRAMENTO – Governor Gavin Newsom announced today that 1,700 first-generation homebuyers have been conditionally approved for the Dream For All Shared Appreciation Loan program. The program provides potential homebuyers with vouchers offering up to 20% of a home’s value for down payment and closing cost assistance.

“As part of the state’s comprehensive efforts to improve affordability, build generational wealth, and unlock access to housing, Dream For All is paving the way home for thousands of Californians. This program is more than just financial assistance – it’s about providing a pathway for individuals to achieve their California dream.”

Governor Gavin Newsom

Since 2023, California’s Dream For All Program has helped write a new story for thousands of Californians who were previously unable to attain homeownership. Nearly 2,200 families across the state have been able to purchase their first home through Dream For All’s first round of financing. With today’s announcement, 1,700 more low- to moderate-income families will be offered the same opportunity.

The second round of Dream For All has focused on first-generation homebuyers – those whose parents did not own a home, and therefore did not have the opportunity to experience the various social and economic benefits that homeownership provides, such as generational wealth-building.

Due to extremely high demand, the California Housing Finance Agency (CalHFA) used a random selection process to ensure all 18,000 applicants had an equal chance at receiving funding from the $255 million available from the second round of Dream For All. A third-party audit was performed to certify that voucher recipients met key program requirements.

CalHFA will allocate funds across nine regions throughout the state: the Capital Region, Central Coast, Central Valley, Inland Empire, Los Angeles, Orange County, San Diego, San Francisco Bay Area, and rural areas.

Voucher recipients now have 90 days to find a home using Dream For All down payment assistance. When recipients sell or refinance the home, they will repay the initial amount of assistance, plus up to 20% of any increase in the home’s value. Those proceeds will then be used to fund the next round of homeowners, continuing the cycle of expanded homeownership opportunities.

For more information on CalHFA’s Dream For All Program, click here.

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