California Dream for All Program: descendants of formerly enslaved people.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Vetoed
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies the California Dream for All Program to prioritize assistance for descendants of formerly enslaved people. Specifically, it requires that at least 10% of the funds in the program’s state fund be reserved for applicants who are certified as descendants of American slavery by a newly established Bureau. This provision is contingent on the enactment and implementation of Senate Bill 518, which would create the Bureau for Descendants of American Slavery by January 1, 2027.
Key provisions
- Requires at least 10% of the California Dream for All Fund to be reserved for descendants of formerly enslaved people.
- Establishes a certification process for descendants of American slavery through a new Bureau.
- The bill’s operative status is tied to the enactment of Senate Bill 518 and its implementation by January 1, 2027.
- The California Dream for All Program provides shared appreciation loans to first-time homebuyers.
- The program targets low- and moderate-income homebuyers.
- The agency will explore selling subordinate second mortgages to generate additional funding.
- Repayments are deposited into the fund for ongoing use.
- The bill includes provisions for consumer protection and disclosure.
Who is affected
- Descendants of formerly enslaved people
- First-time homebuyers
- California residents
- California Housing Finance Agency
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours