Welcome to today’s Real Estate news roundup! In California, first-time home buyers can find assistance through various loan programs and grants offered by the California Housing Finance Agency (CalHFA). These programs provide special mortgage loans with unique features and eligibility criteria, along with down payment assistance programs like the CalHFA MyHome Assistance Program and the CalHFA ADU Grant Program. In other news, a recent Supreme Court ruling has the potential to reshape housing developments in California by requiring cities and counties to reassess impact fees on development projects. This ruling allows developers to challenge the validity of generalized fees in court, potentially encouraging builders to address the housing shortage by reducing fees. Additionally, legislators in California are taking aim at construction fees to boost housing by proposing changes in fee payment timing and transparency. The goal is to make housing more affordable while addressing larger challenges in the construction process. Furthermore, Governor Gavin Newsom has recognized ten communities in California for their prohousing policies, providing funding incentives and resources to accelerate housing production. These communities aim to promote housing development at all income levels and contribute to the ongoing efforts to address the housing crisis. To explore these stories further, click on the respective links provided. Let’s dive into the latest updates in the real estate world!
California First-Time Home Buyer | 2024 Program & Grants
Buying your first home in California can be challenging due to high prices, but there are various loans and grants available to assist first-time home buyers. The California Housing Finance Agency (CalHFA) offers special mortgage loan programs with its own interest rates. To qualify for these loans, participation in an online home buyer education course is mandatory, and one-on-one counseling sessions are available. CalHFA provides FHA, VA, USDA, and conventional loan programs, each with its own features and eligibility criteria. Additionally, there are down payment assistance programs and grants, such as the CalHFA MyHome Assistance Program and the CalHFA ADU Grant Program. Local organizations like the City of Los Angeles Housing and Community Investment Department and the San Diego Housing Commission also offer assistance programs. To explore more about California’s first-time home buyer programs and grants, click here.
Supreme Court ruling could pave way for more housing developments in California – CBS San Francisco
The U.S. Supreme Court has ruled that cities and counties in California must reassess the way they assess impact fees on development projects, potentially changing the game in the state’s housing crisis. The ruling came from a case where a man was charged to replace an entire street to put a modular home on his property. The court deemed this improper and stated that fees must be connected to the actual impact of the development. Developers have long argued that impact fees stifle new home construction, and the ruling now allows them to challenge the validity of generalized fees in court. While it may be a hit to city and county budgets, reducing fees could encourage builders to return to California and address the housing shortage. To learn more about this Supreme Court ruling and its potential impact on housing developments, click here.
California Legislators Take Aim at Construction Fees to Boost Housing | KQED
Legislators in California are addressing the issue of impact fees, which cities impose to fund construction for schools, road maintenance, and other amenities. These fees can range from as low as $12,000 per unit to as high as $157,000 per unit. Recent Supreme Court rulings have challenged the constitutionality of these fees, leading to a push for transparency and changes in how they are charged. Proposed bills aim to address issues such as the timing of fee payments and the availability of information about the fees. However, developers argue that there are larger challenges in the housing construction process, including the lack of scalability in impact fees for smaller homes. While reducing fees may help make housing more affordable, there is a need for a broader conversation on how cities are funded in California. To learn more about the efforts to boost housing construction by addressing impact fees, click here.
California Recognizes 10 Communities for Prohousing Policies – Fullerton Observer
Governor Gavin Newsom has announced that nine cities and one county in California have received the Prohousing Designation for their efforts to promote housing development at all income levels. These communities, including Berkeley, Brea, Crescent City, Fairfield, Pinole, Rancho Cucamonga, Richmond, South Lake Tahoe, West Hollywood, and Los Angeles County, will receive funding incentives and additional resources to accelerate housing production. This brings the total number of Prohousing-designated communities in California to 47. The Prohousing Designation Program aims to encourage local governments to implement state housing laws and adopt best practices that facilitate housing construction. The designation provides access to grants and additional points in scoring competitive housing and community development programs. To learn more about the Prohousing Designation and the recognized communities, click here.