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A key California Senate committee advanced a bill this week that would allow migrants and illegal immigrants to use a program aimed at helping widen the swath of the population who can become a homebuyer.
The “Dream For All” shared-appreciation loan program is billed by the state as a down-payment assistance program for first-time homebuyers.
When the qualified homeowner later sells or transfers the home, the homebuyer repays the original loan’s down payment, as well as a share of the residence’s value appreciation, according to the California Housing Finance Agency (CALHFA).
In a 5-2 party-line vote, the Senate Appropriations Committee approved the bill prohibiting an applicant for “Dream For All” from being disqualified based on their immigration status.
While foreign-born individuals are able to purchase homes in the U.S. by using an individual tax identification number in the absence of a Social Security number, the bill is unique in that it helps offer the benefits of homeownership to everyone, its author said.
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Migrants walk along the highway through Suchiate, Chiapas state in southern Mexico on Sunday, July 21, 2024, during their journey north toward the U.S. border. (AP Photo/Edgar H. Clemente)
“When undocumented individuals are excluded from such programs, they miss out on a crucial method of securing financial security and personal stability for themselves and their families,” Democratic Assemblymember Joaquin Arambula said in a statement obtained by The Center Square.
With Arambula’s bill already having passed the state assembly, it only requires passage by the Democrat-supermajority state Senate and signature by Gov. Gavin Newsom to become law.
In its original form, the “Dream For All” program may have “worked too well,” the Sacramento Bee wrote earlier this year.
The paper reported $300 million in loans were claimed in less than two weeks, which led to a housing agency…
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