Illegal Immigrants Live the Dream of Home Ownership With Help From CA Government

Sundry Photography /
Sundry Photography /

The California Dream for All Shared Appreciation Loans program, launched last March by the California Housing Finance Agency (CalHFA), provides qualified first-time home buyers the opportunity to meet their down-payment requirements when purchasing a home. Under this program, eligible buyers receive a loan equivalent to up to 20% of the purchase price of a house or condominium. These loans do not accrue interest nor require monthly payments during the loan term.

Instead, the borrower repays the original loan amount and an additional 20% of the appreciation in the home’s value when they decide to sell or refinance.

It’s a fantastic opportunity for Californians to get financial help to purchase a home. Originally designed to assist low- and middle-income individuals, the program has successfully provided financial support to those who would have otherwise been financially excluded. However, lawmakers fear the program excludes illegal immigrants from achieving the American Dream of homeownership.

Not to worry, though – if you’re a border hopper, you can enjoy homeownership in California, thanks to Assemblymember Joaquin Arambula (D-Fresno).

Arambula recently introduced Assembly Bill 1840, which was designed to clarify that first-time home buyer loans are available to undocumented immigrants. If the bill is passed, it will expand the definition of “first-time home buyer” to include those without legal immigration status.

The proposed bill comes when the housing market places the dream of home ownership firmly out of reach for many Americans. The housing market faces significant challenges, like persistently high mortgage rates and rising real estate prices that hinder potential buyers’ ability to afford homes. Economic uncertainty looms, with household debt reaching unprecedented levels amid persistent inflation.

The California Dream for All Shared Appreciation Loans Program will operate via a lottery for limited loan opportunities, and illegal immigrants will be selected alongside Americans. Or, according to the luck of the draw, instead of Americans.

It’s good to know that while most Americans have placed their dreams of home ownership on a shelf, illegal immigrants won’t have to do the same in California.