Welcome to today’s real estate news! In California, lawmakers are pushing for a significant makeover of the state’s most controversial housing law, known as the “builder’s remedy.” The proposed legislation aims to bring clarity and ensure that housing development moves forward in cities and counties that have yet to certify their blueprints. With new perks for developers and provisions to bypass certain requirements, this overhaul has garnered support from pro-housing organizations. In another exciting development, a down payment assistance program called “Dream for All” is now accepting applications in California. This program offers first-time homebuyers up to 20% assistance towards their down payment or closing costs, providing crucial support in overcoming the challenge of saving for a home. Read on to explore these stories and learn more about the latest updates in the real estate market.
California’s most controversial housing law could get a makeover – CalMatters
Some of California’s top lawmakers are pushing for legislation to clear up and rein in the state’s most controversial housing statute, known as the “builder’s remedy.” The proposed overhaul aims to provide clarity and ensure that housing actually gets built in cities and counties that have not certified their housing development blueprints. The bill includes new perks for developers, textual edits to clarify the law’s application, and a provision to allow developers to bypass environmental review and public hearing requirements. However, it also puts a cap on project size and prohibits the use of the builder’s remedy in industrial zoned areas. The legislation has received support from pro-housing organizations and is scheduled to go before the Assembly’s Housing and Community Development committee on April 17.
California program for first-time homebuyers begins accepting applications – NBC 7 San Diego
A California down payment assistance program called “Dream for All” is now accepting applications to help first-time homebuyers overcome the challenge of saving for a down payment. The program offers assistance of up to 20% of the purchase price of a home, which can be used towards a down payment or closing costs. Recipients will be chosen through a lottery drawing, and loan vouchers will be awarded in May. The program operates as a shared equity program, requiring repayment of the original loan plus a percentage of the home’s appreciation when the home is sold. This program provides much-needed support for homebuyers in California, and housing industry experts emphasize the need for more assistance programs like this in the future.