It's tough to buy a home in California. One of the barriers is coming up with a down payment. But the California Dream For All Shared Appreciation Loan aims to change that. The program offers a grant of up to $150,000, opening the door to homeownership for first-time homebuyers.

A new round of state funding is available now through April 29 to help prospective mortgage borrowers purchase property. The down payment assistance can equal 20 percent of the purchase price or $150,000, whichever is lower. Because last year's funding went so quickly on a first-come-first-serve basis, this year's program will be implemented through a lottery to increase the racial and geographic diversity of the beneficiaries.

Qualifications include:

• At least one mortgage applicant must be a first-generation home buyer
• All borrowers must be first-time home buyers and meet income the limits of their county, which is $277,00 for our Assembly district (San Francisco and San Mateo counties)
• Additional eligibility requirements are mandated by the California Housing Finance Authority, such as homebuyer education courses

When it's time to sell, borrowers repay the down payment to the state, plus a percentage of the increased value of the home, known as the appreciation. The money then will help more people take the step toward homeownership, which strengthens communities and provides families with economic security.

As Assembly Budget Chair in the years that funded this program, I'm proud of our efforts to boost home ownership. The first round received a $300 million allocation and helped nearly 2,200 Californians take the step to buy their first home. The 2024 version makes another $250 million available with the goal of assisting up to 2,000 additional residents.

To help you enter the lottery for down payment assistance, please watch this step-by-step video. Remember, the deadline is April 29. 

PHIL TING
Assemblymember, 19th District