California lawmakers proposed legislation that would expand the state’s no-payment home loan program for illegal immigrants.
State assemblymember Joaquin Arambula (D-Fresno) introduced the bill in January.
The California Dream for All Shared Appreciation Loans program offers “up to 20% for down payment or closing costs, not to exceed $150,000” for first-generation and first-time homebuyers.
The loans do not accrue interest or require payments, according to the LA Times. The borrowers instead pay back the loan plus 20% of the home’s increased value when the house is sold or the mortgage is refinanced.
Arambula told the outlet, “It’s that ambiguity for undocumented individuals, despite the fact that they’ve qualified under existing criteria, such as having a qualified mortgage,” adding, “Homeownership has historically been the primary means of accumulating generational wealth in the United States. The social and economic benefits of homeownership should be available to everyone.”
According to Arambula’s bill, “an applicant under the program shall not be disqualified solely based on the applicant’s immigration status.”
California State Senator Brian Dahl wrote on X, “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.”
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. #CADeservesBetter pic.twitter.com/tBbGFr1ZE9
— Senator Brian Dahle (@BrianDahleCA) February 28, 2024
