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April 13, 2023 - LOS ANGELES – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) has issued the following statement in response to CalHFA’s pause on the California Dream for All Shared Appreciation Loan program within two weeks of its launch:
The California Housing Finance Agency (CalHFA), which administers the loan, opened the program for applications at the end of March, and $300 million allocated of the governor's proposed 2022-2023 budget was exhausted within two weeks. Despite the obvious need and demand, the state has stopped providing funds that have been allocated to the program.
“The CALIFORNIA ASSOCIATION OF REALTORS® strongly supports Senate Pro Tem Toni Atkins' California Dream for All Shared Appreciation Loan and strongly advocated for the $500 million that was allocated to the program in the 2022-2023 state budget. The funding was significantly reduced in the governor's proposed 2023-2024 budget,” said C.A.R. President Jennifer Branchini.
"The fact that the $300 million in funds was fully committed in less than two weeks of the program’s launch clearly illustrates the demand and desire for working Californians to become homeowners. It’s critical to support this program that creates a pathway to homeownership. We urge the state to honor the full commitment over the next few years as proposed so more working Californians can take advantage of this innovative down payment assistance program.”
Leading the way...® in California real estate for more than 115 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Source: C.A.R.
Related: Senate Leader Atkins’ ‘California Dream for All’ Program to Help First-Time Homebuyers, Address Housing Affordability - Would Assist First-Time Homebuyers by Providing 17 Percent Toward the Purchase Price of Their First Home
