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California moves ahead with $0 downpayment 'loans' for new homes for illegal immigrants

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mystery-ak:

California moves ahead with $0 downpayment 'loans' for new homes for illegal immigrants

The program allows for applicants to get "loans" for up to 20 percent of their home's price, with zero down payment on the loan and no payments on the loan.


Thomas Stevenson
Aug 20, 2024 2 minute read
The California Senate Appropriations Committee has moved full speed ahead to allow illegal immigrants the opportunity to make use of the state's zero-money-down, no-payment, "loan" program for buying a home. The move from the state chamber comes amidst the ongoing illegal immigration crisis at the southern border.

According to The Center Square, bill author Assemblymember Joaquin Arambula, D-Fresno wrote of the bill, “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."

“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," it added.

Bill AB1840 has already passed the state Assembly and will now move onto the floor of the Senate for a vote. The program allows for applicants to get "loans" for up to 20 percent of their home's price, with zero down payment on the loan and no payments on the loan.

The "loan" can then possibly be repaid back when the home is refinanced, sold, or transferred with the borrower paying back the loan amount in addition to 20 percent of any increased value on the real estate. However, it is not clear what happens if a family decides to keep the property long term as no provision sets a limit on how long the loan can be used.

The California Appropriations Committee analysis stated that there would be "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.”

18,000 people have applied for the "loan" program costing $255 million through lottery, with 1,700 winners getting $150,000 each to go towards down payments as well as closing.

more
https://thepostmillennial.com/california-moves-ahead-with-0-downpayment-loans-for-new-homes-for-illegal-immigrants#google_vignette

mountaineer:
Insanity.  **nononono*

Timber Rattler:
What could go wrong?

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending

https://www.businessinsider.com/the-cra-debate-a-users-guide-2009-6

Kamaji:
Another housing-driven financial bubble in the making.

rangerrebew:
California Proposal to Give Home Loans to Illegal Aliens Comes Under Fire
Jason Hopkins | August 21, 2024
 

Jason Hopkins
@thejasonhopkins
Jason Hopkins is a reporter covering immigration issues for the Daily Caller News Foundation.

DAILY CALLER NEWS FOUNDATION—California lawmakers are one step closer to making hundreds of millions of taxpayer-funded home loans available to residents living in the country illegally.

Democrats on the California Senate Appropriations Committee late last week unanimously approved AB 1840 to move forward, according to an official vote tally for the legislation. The bill has one last chance to be struck down on the floor of the state Senate, where Democrats wield majority power, before it lands on the desk of Gov. Gavin Newsom, also a Democrat.

The legislation seeks to amend the California Dream For All Shared Appreciation Loan program, an initiative launched last year that provides first-time homebuyers with a loan of up to 20% of the house’s purchase price for down payment or closing cost. If passed and signed into law, illegal migrants living in California would be eligible to apply for a piece of the pie.
 

“Once again, California has chosen to prioritize illegal immigration and fiscal irresponsibility over the needs of its citizens, all while facing a $60 billion deficit that will ultimately be passed onto taxpayers,” San Diego County Supervisor Jim Desmond said in a statement provided to the Daily Caller News Foundation.

https://www.dailysignal.com/2024/08/21/cash-strapped-california-inches-closer-to-handing-taxpayer-home-loans-to-illegal-aliens/

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