The California Association of Realtors (CAR) has criticized the state legislature for omitting a homeownership assistance program in its 2023-24 state budget.
The trade group issued a statement that declared it was “disappointed that the legislature failed to prioritize critical funding for housing and the California Dream for All down payment assistance program, championed and envisioned by Senate President Pro Tempore Toni Atkins as part of the 2023-24 state budget. Countless studies demonstrate that homeownership opens the door to true economic security, better health and educational outcomes and is critical to building intergenerational wealth.”
“The California Dream for All program is a huge step forward in closing the homeownership and wealth gaps that exist in our state,” CAR continued. “This innovative down payment assistance program for working Californians who are first-time homebuyers allows the state to invest alongside them by providing up to a 20% down payment. While this is a challenging budget year for California, the program allows the state to recoup its investment, plus receive a share of the home’s appreciation when the new homeowner sells or refinances. The fact that an initial funding round was fully committed in just 11 days of the program’s launch clearly illustrates the demand and desire for working Californians to become homeowners.”
CAR added there was “still an opportunity for Gov. Gavin Newsom and California lawmakers to work together in the coming weeks as final elements of the state budget are negotiated to prioritize this critical investment in working Californians that will pay dividends for the state and its residents.”
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