AB 1840: Home Purchase Assistance Program: Eligibility.

The California Housing Finance Agency was previously designated, by legislation, as a part of the Department of Housing and Community Development.

Out of this agency came "California Dream for All Program" which AB1840 gave a new moniker "Home Purchase Assistance Program" (HPAP). The CDAP included a "California Dream for All Shared APPRECIATION Loan"

(8/31/24 edit in bold)  AB1840 Removes from existing law: establishes the California Dream for All Program to provide shared appreciation loans to qualified first-time homebuyers,

(8/31/24 edit in bold)  AB1840 CURRENT LAW PASSED 8/30/24 replaced above verbiage with this text:

requires the agency to administer a home purchase assistance program for the purpose of assisting low- and moderate-income home buyers to qualify for the purchase of owner-occupied homes,

(8/31/24 edit in bold) Text of law continues to read: 

as specified. Existing law establishes the

(8/31/24 edit in bold) AB1840 Removes from existing law:  California Dream for All

(8/31/24 edit in bold) AB1840 CURRENT LAW PASSED 8/30/24 replaced above verbiage with this text: 

Home Purchase Assistance Fund, which is continuously appropriated for expenditure pursuant to the program and defraying the administrative costs for the agency. Existing law

(8/31/24 edit in bold) AB1840 Removes from existing law:

authorizes moneys deposited into the fund to include, among other moneys, appropriations from the Legislature from the General Fund or other state fund.

(8/31/24 edit in bold) AB1840 CURRENT LAW PASSED 8/30/24 replaced above verbiage with this text which is a  RETROACTIVE DATE!!! (or a typo)

requires, on and after July 1, 2016, unobligated amounts remaining in any fund established for specified purposes to be transferred to the fund for expenditure by the agency for the purposes of the program.

The Dream for All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs.

Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home.

Eligibility

• One borrower must be a first-generation homebuyer.
• All borrowers must be first-time homebuyers.
• Income must meet CalHFA Income Limits for the county you are purchasing in.

It was a loan program  providing grants of up to $150,000.

The California Dream for All Shared Appreciation Loan Program opened on April 3, 2024 and qualifying borrowers can score up to 20 percent of a property's value for a down payment. Applications were accepted until May, with successful applicants then drawn in a lottery system.

Bill Votes - AB-1840 Home Purchase Assistance Program: eligibility. (ca.gov)

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