California legislators have put forth a proposal to broaden the scope of the zero-down, no-payment home "loan" initiative to include undocumented immigrants.
State Senator Brian Dahle criticized the move, stating, Assembly Bill 1840 is an insult to California citizens who are being left behind and priced out of homeownership. I'm all for helping first-time homebuyers, but give priority to those who are here in our state legally."
As reported by the LA Times, Assemblymember Joaquin Arambula (D-Fresno) introduced AB-1840 in the state assembly to extend eligibility for the California Dream for All Shared Appreciation Loan program, which was launched last year.
Initially designed for legal residents struggling to afford homes, this program enables first-time buyers to secure a loan of up to 20 percent of a home's price without interest or monthly payments. Instead, borrowers can refinance or sell the property, repaying the original loan plus 20 percent of the home's equity increase.
Arambula emphasized the need for clarity, stating, "Its that ambiguity for undocumented individuals, despite the fact that theyve qualified under existing criteria, such as having a qualified mortgage."
Forbes highlights California's housing market as one of the nation's most expensive, exacerbated by inflation during the Biden administration. Data from Redfin indicates California as the top state for out-migration in 2023.
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