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California lawmakers proposed legislation that would expand the state\u2019s no-payment home loan program for illegal immigrants.<\/p>\n
State assemblymember Joaquin Arambula (D-Fresno) introduced<\/a> the bill in January.<\/p>\n The California Dream for All Shared Appreciation Loans program offers<\/a> \u201cup to 20% for down payment or closing costs, not to exceed $150,000\u201d for first-generation and first-time homebuyers.<\/p>\n The loans do not accrue interest or require payments, according to the LA Times<\/a>. The borrowers instead pay back the loan plus 20% of the home\u2019s increased value when the house is sold or the mortgage is refinanced.<\/p>\n Arambula told the outlet, \u201cIt\u2019s that ambiguity for undocumented individuals, despite the fact that they\u2019ve qualified under existing criteria, such as having a qualified mortgage,\u201d adding, \u201cHomeownership 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.\u201d<\/p>\n According to Arambula\u2019s bill, \u201can applicant under the program shall not be disqualified solely based on the applicant\u2019s immigration status.\u201d<\/p>\n California State Senator Brian Dahl wrote on X, \u201cAssembly Bill 1840 is an insult to California citizens who are being left behind and priced out of homeownership. I\u2019m all for helping first-time homebuyers, but give priority to those who are here in our state legally.\u201d<\/p>\n 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<\/a> pic.twitter.com\/tBbGFr1ZE9<\/a><\/p>\n \u2014 Senator Brian Dahle (@BrianDahleCA) February 28, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n\n