California advances 0 down, no payment home 'loans' for undocumented immigrants

by KENNETH SCHRUPP | The Center SquareWed, August 21st 2024 at 11:27 AM
Updated Wed, August 21st 2024 at 11:27 AM

(The Center Square) — The California Senate Appropriations Committee advanced a bill to allow undocumented immigrants to make use of the state’s zero down, no payment home “loan” program, an expansion the legislature says would create “significant cost pressures.”

   The social and economic benefits of homeownership should be available to everyone. As such, the California Dream for All Program should be available to all,” wrote bill author Assemblymember Joaquin Arambula, D-Fresno. “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.

AB 1840, which already passed the Assembly and now faces a floor vote in the Senate, would prevent the state’s California Dream for All Shared Appreciation Loans program from denying individuals on the basis of their immigration status. This program allows applicants to secure “loans” of up to 20% of the home’s purchase price — or, about what a typical down payment is — with zero down payment on this state loan, and no payments.

The state’s “loan” can potentially be repaid to the state when the home is refinanced, sold, or transferred, with the borrower paying back the original loan amount plus 20% of any increase in value on the property. It’s not clear what happens if a family decides to hold on to a home as there are no provisions on how long a property can be held for, which means certain kinds of trusts could potentially allow the loan to not be paid back.

The Appropriations Committee analysis said expansion would create “unknown significant cost pressures, potentially in the millions annually, to provide additional funding for the Home Purchase Assistance Program to accommodate the expanded eligibility population.”

This year, 18 thousand individuals applied for the $255 million “loan” program through a lottery, leaving 1,700 lucky winners with up to $150,000 each towards down payment and closing costs.

President George W. Bush’s home down payment assistance program for less qualified individuals is widely blamed for fueling the housing bubble — by increasing housing prices and decreasing loan recipient quality — that led to the 2007-2008 global financial crisis.

The median home in California costs nearly $1 million and requires a household income of over $200,000, or more than triple the median household income, to afford.

Originally Posted By turbo_infidel:
Do you think any of the Americans living in Calli want this?

like actual American citizens, not Marxist loosers, or illegals ?

Derp.

Originally Posted By nightstalker:
How dumb will a seller have to be .or a lender?

now an unscrupulous agent is another story

Originally Posted By nightstalker:
How dumb will a seller have to be .or a lender?

now an unscrupulous agent is another story

Originally Posted By rno172:
Just another advance in the low key race war and replacement.

Eventually this place will look like South Africa where whites live behind walled compounds with armed security. With outside the walls looking like thunder dome.

Originally Posted By King_Mud:


Why not? If you tank your bank/company big papa gov will just hand you money.

Originally Posted By FlashMan-7k:

No, I don't think americans in cali want this. I think (new - since the downfall of the state) californians want this, or will tolerate it.

It genuinely sucks to be you because you should get out (I don't see how you can stop this stuff) but none of us want you or trust you because of this stuff ... which is NOT your fault because of things like the one party system (jungle primaries/elections/etc.).

Why you guys aren't doing whatever is necessary that's not wrong to get the heck out of cali (what did they call the secession effor to split the state? Jefferson or something like that?) is beyond me.

As it stands, the state government of cali and all the voters who aren't doing what they reasonably can to oppose this stuff are anti-american.

Originally Posted By KILLERB6:
Dupe:
https://www.ar15.com/forums/t_1_5/2744033_California-senate-approves-bill-to-allow-illegals-to-buy-homes-with-0-down-have-0-interest-rate.html

Originally Posted By Ratchet27:
This isn't good enough. Just give them free homes.

Originally Posted By Number_Six:
Newsom vetoes California Dream for All housing bill that would help undocumented immigrants
kcra.com/article/california-dream-for-all-newsom-vetoes
"Gov. Gavin Newsom has vetoed a bill that would have allowed undocumented immigrants to apply for first-time homebuyer assistance through the California Dream for All program."

Originally Posted By jaime1982:
Fuck california

Originally Posted By fishing_cabin:
It won't stop in California

Originally Posted By Ratchet27:
This isn't good enough. Just give them free homes.

Originally Posted By ZitiForBreakfast:
How many here are going to keep going on and on and on and on not knowing Newsome veto'd thebill?

Originally Posted By DDDDCheapAF:
Free shit army . Someone should tell them how this all ends .

Originally Posted By nightstalker:
How dumb will a seller have to be .or a lender?

now an unscrupulous agent is another story