Thank you, Senate President pro Tem Toni Atkins, for championing homeownership for all in California.
The CALIFORNIA ASSOCIATION OF REALTORS® thanks Senate President pro Tem Toni Atkins for her foresight in proposing the California Dream for All Program and for her continued leadership to fight to protect funding that’s at risk in the Governor’s proposed 2023-2024 state budget.
Homeownership opens the door to true housing and economic security, better and educational outcomes, and to building generational wealth.
The California Dream for All program is a huge step forward in closing the homeownership gap that exists in our state. This innovative down payment assistance program for working Californians, allows the state to invest alongside first-time home buyers by providing a 20 percent down payment, and aims to pave the way for a more equitable California where homeownership is possible for all.
The need for the program’s potential to change the lives of Californians has already been made clear. In late March, California Housing Finance Agency (CalHFA), which administers the loan, opened the Dream for All program for applications, and $300 million of the governor's proposed 2022-2023 budget was exhausted within just 11 days.
Despite the obvious need, the state has stopped providing funds that have been allocated to the program, eliminating a crucial opportunity and pathway to homeownership.