Undocumented migrants may soon get easier access to purchasing a home under a proposal put forward in California.
In January, Joaquin Arambula, a California state assemblymember, introduced a bill that would expand the eligibility requirement for a state loan program and make loans for first-time buyers available to undocumented migrants.
Though the original bill does not exclude undocumented migrants, Assembly Bill 1840 specifies that applicants to the California Dream for All Shared Appreciation Loan program “shall not be disqualified solely based on the applicant’s immigration status.”
Across the country, housing markets have seen high mortgage rates and increasing prices, causing concerns about the viability of homeownership for middle-class Americans.
Established in 2023 to help low- and middle-income earners buy a home of their own, the program offers eligible buyers a down-payment loan worth up to 20 percent of the purchase price. Loans offered under the program do not accrue interest and do not need to be repaid in monthly installments.
The borrower instead repays the original amount of the loan plus 20 percent of the increase in the home’s value when it is sold or the mortgage is refinanced. The down-payment program was so popular that its $300 million in funding ran out 11 days after it began, the Los Angeles Times reported.
Arambula, a Democrat, said of the bill: “What we are simply saying is those that have been in our state for years, if not decades, who are otherwise able to qualify for a loan should also be able to apply through the California Dream for All, and we are providing that clarity with our bill,” NBC San Diego reported.
www.newsweek.com/california-dream-all-housing-undocumented-migrants-1876368
“Assembly Bill 1840 would change existing law to allow illegal immigrants to be eligible for the California Dream for All Fund, which provides interest-free loans for a down payment on a home for first-time buyers.
The bill was introduced by California Assemblyman Joaquin… pic.twitter.com/TZtRw6PncM
— Chief Nerd (@TheChiefNerd) March 6, 2024
They also give them free health care and cash:
www.aol.com/california-undocumented-seniors-could-cash-130000648.html
www.calhfa.ca.gov/dream/index.htm