Sunday, August 3, 2025

Latest

California Senate Committee Advances Bill to Expand Housing Loans to Undocumented Immigrants

The California Senate Appropriations Committee has moved forward a bill that would expand the state’s zero-down payment home loan program to include undocumented immigrants. Assembly Bill 1840, which previously passed the Assembly, now heads to the Senate floor for a vote.

The legislation aims to broaden eligibility for the California Dream for All Shared Appreciation Loans program by prohibiting denial based on immigration status. This program offers interest-free loans of up to 20% of a home’s purchase price, with no down payment or monthly payments required.

Repayment is typically triggered when the property is refinanced, sold, or transferred. At that time, borrowers must repay the original loan amount plus 20% of any increase in the property’s value. But the program’s language does not have provisions on the length of time the loan recipient can hold on to the property, or the latest period of time for the repayment to be due.

The committee’s analysis warns of “significant cost pressures” potentially reaching millions annually to accommodate the expanded eligibility. This year, the program’s $255 million budget was distributed through a lottery system, with 1,700 applicants receiving up to $150,000 each for down payments and closing costs. Last year, the program’s $300 million budget was depleted in less than 12 days, despite the fact that it assisted over 2,400 first-time homebuyers.

Proponents argue that homeownership fosters generational wealth and should be accessible to all, regardless of legal status. Critics, however, view the use of taxpayer funds to assist undocumented immigrants in purchasing homes as controversial, especially considering California’s $47 billion budget deficit.

Many have also drawn parallels to President George W. Bush’s home down payment assistance program for less qualified individuals, which is widely blamed for contributing to the 2007-2008 housing bubble and subsequent global financial crisis by inflating housing prices and lowering loan recipient quality.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

San Dimas: First Majestic Silver’s Sleeper Asset

New Gold Q2 Earnings: Record Free Cash Flow

STLLR Gold: The Tower Gold PEA

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

New California Loan Program Will Lend Up to 20% Down Payment and Closing Costs for First-Time Homebuyers

The California Housing Finance Agency (CalHFA) recently launched a new program to help make homeownership...

Tuesday, April 11, 2023, 02:17:00 PM

Newsom Continues to Blame Big Oil for High Gas Prices in California, Critics Disagree

California Governor Gavin Newsom on Thursday released a new video on his campaign to put...

Friday, January 27, 2023, 12:57:00 PM

California Is Saying Goodbye To Natural Gas Heaters By 2030

California is making bold strides in any aspect it can to achieve its climate agenda....

Friday, September 23, 2022, 12:36:00 PM

Newsom’s Veto Blocks Undocumented Immigrants from State Home Loan Program

California Governor Gavin Newsom has vetoed Assembly Bill 1840, which aimed to expand the California...

Monday, September 9, 2024, 09:30:00 AM

California Governor Calls on Congress to Issue Additional $1 Trillion for Local Governments

As if the Democrat’s $3 trillion coronavirus relief bill isn’t enough to make the Republican...

Wednesday, May 20, 2020, 05:31:00 PM