A key California Senate committee advanced a bill this week that would allow migrants and illegal immigrants to use a program aimed at helping widen the swath of the population who can become a homebuyer.
The “Dream For All” shared-appreciation loan program is billed by the state as a down-payment assistance program for first-time homebuyers.
When the qualified homeowner later sells or transfers the home, the homebuyer repays the original loan’s down payment, as well as a share of the residence’s value appreciation, according to the California Housing Finance Agency (CALHFA).
In a 5-2 party-line vote, the Senate Appropriations Committee approved the bill prohibiting an applicant for “Dream For All” from being disqualified based on their immigration status.
While foreign-born individuals are able to purchase homes in the U.S. by using an individual tax identification number in the absence of a Social Security number, the bill is unique in that it helps offer the benefits of homeownership to everyone, its author said.
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Migrants walk along the highway through Suchiate, Chiapas state in southern Mexico on Sunday, July 21, 2024, during their journey north toward the U.S. border. (AP Photo/Edgar H. Clemente)
“When undocumented individuals are excluded from such programs, they miss out on a crucial method of securing financial security and personal stability for themselves and their families,” Democratic Assemblymember Joaquin Arambula said in a statement obtained by The Center Square.
With Arambula’s bill already having passed the state assembly, it only requires passage by the Democrat-supermajority state Senate and signature by Gov. Gavin Newsom to become law.
In its original form, the “Dream For All” program may have “worked too well,” the Sacramento Bee wrote earlier this year.
The paper reported $300 million in loans were claimed in less than two weeks, which led to a housing agency spokesperson saying the first-come-first-serve model it employed will be replaced with a lottery.
The “Dream For All” shared-appreciation loan program is billed by the state as a down-payment assistance program for first-time homebuyers. (iStock)
“We really want to make sure that funds for this round are distributed equitably,” CALHFA’s Eric Johnson said at the time.
The Bee’s analysis also showed the bill would not, like other similar legislative efforts, affect the Golden State’s budget deficit.
Fox News Digital reached out to the state assembly’s top Republican, Assemblymember James Gallagher, for minority party reaction, but did not receive a response by press time.
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After the bill was first introduced earlier this year, state Sen. Brian Dahle, a Republican, called it an “insult to California citizens who are already being priced out of homeownership.”
“[G]ive priority to those who are in our state legally.”
Source Agencies
