Tanu Henry and Joe W. Bowers Jr. | California Black Media
Last week, the California Housing Finance Agency (CalHFA) announced last week that it is bringing back its “Dream for All” first-time homebuyer program in the spring – with a few tweaks to ensure it is more equitable.
The program provides down-payment loans of up to $150,000 or 20% of the appraised value, to eligible California residents.
“The 2023-24 State Budget allocates $220 million for the Dream For All Shared Appreciation Loan Program (DFA),” reads a section of CalHFA’s website with information on the program.
“Senate Bill (SB) 143 establishes parameters for the next round of DFA funding, including targeting first-generation homebuyers, supporting an equitable distribution in different regions of the state, and prioritizing participation of homebuyers in lower tiers of income eligibility,” the informational on the program continues.
According to the language in SB 143, the state can provide up to one billion dollars in loans annually, and all proceeds from repayment are deposited back into the program fund “for ongoing use in the program.
Interested applicants can check the CalHFA Dream for all income limits to make sure they earn under the designated per-county approval amount.
To qualify for the loans, applicants must also have not been on the title or mortgage — or held any ownership interest – in a home during the last seven years. Their parents must also have no present interest in a home in the United States or, “if deceased,” not have any ownership interest at the time of death in a home in the United States.”