California Dream for All Program: first-generation homebuyers.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Housing and Community Development
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
California Assembly Bill 2387 expands the California Dream for All Program to specifically assist first-generation homebuyers. The bill directs the California Housing Finance Agency to prioritize this assistance, particularly for homes built with state funding and those in moderate-density areas. It also establishes a new Credit-Enhancement and Guarantee Fund to support first-generation borrowers with thin credit files and mortgages originated by mission lenders, aligning with government-sponsored enterprise pilot programs.
Key provisions
- Expands the California Dream for All Program to prioritize assistance for first-generation homebuyers.
- Prioritizes assistance for homes built using state-funded infill and starter home production programs.
- Expedites approval for assistance for first-generation homebuyers purchasing homes in moderate-density areas.
- Establishes the Credit-Enhancement and Guarantee Fund to support first-generation borrowers.
- Requires alignment of fund distribution with government-sponsored enterprise pilot programs.
- Directs a working group to explore using program funds for down payment assistance on small-plex or accessory dwelling unit properties.
- Defines ‘first-generation homebuyer’ as someone whose parents have not previously owned a home.
- Establishes a new definition for ‘small-plex’ as a residential property with two to four dwelling units.
Who is affected
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1 on record
Primary sponsor
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