Looking to buy your first house in California? Time is running out to apply for the California Dream for All program, which helps first-time homebuyers with down payment assistance. Last year, the program’s funding was exhausted within days, prompting changes for this year’s application process. With approximately $250 million available, the program aims to assist between 1,600-2,000 new applicants. Designed to support those without generational wealth, the program offers a shared appreciation loan where the state steps in to help aspiring homeowners. If you’re eligible and interested, learn more about the program and how to apply before the April 29 deadline.
Just Days Left to Apply for California Program That Helps Pay for Your First House | KQED
When it rolled out last year, the California Dream for All program — a loan application for first-time home buyers — exhausted its approximately $300 million of funding within 11 days. That prompted some changes this year for when the down payment assistance program opened again to California residents on April 3. The state has about $250 million on the table, which is expected to assist between 1,600–2,000 new applicants, said Eric Johnson, a spokesperson for the California Housing Finance Agency (CalHFA).
The program — officially called the California Dream for All Shared Appreciation Loan— is designed to have the state step into the role of a parent or grandparent in assisting their offspring buy a home.
“The program is designed to help those who may not have had the benefit of generational wealth in buying their first home,” Johnson said.
If you’re hoping to apply for the California Dream for All program in 2024, keep reading to see who is eligible, how the program has changed this year, and what you need to do. But hurry: Applications for the program officially close at 5 p.m. Pacific Time on Monday, April 29.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
As we head into peak home-buying season, signs of life have begun to spring up in the housing market. However, still-high mortgage rates and home prices amid historically low housing stock continue to put homeownership out of reach for many. Experts predict that the housing market will continue to face affordability constraints in 2024, with high home prices and elevated interest rates. While there may be a slower rise in home prices compared to recent years, price fluctuations will vary regionally and depend on local market supply.
California housing developers win first ‘builders remedy’ battles in fight to bypass local zoning
A year-long tug-of-war between California cities and developers over the state’s “builder’s remedy” law is starting to make its way to the courts. Recent Los Angeles County court rulings have favored developers, indicating that they may come out on top in the building-and-zoning dispute. The law allows housing projects that don’t comply with local zoning in cities without state-approved housing plans. Developers have filed numerous applications under this provision, leading to conflicts with cities. While some cities are accommodating these applications, others are dragging their feet or denying them. The court rulings have significant implications for future builder’s remedy applications.
Supreme Court ruling could pave way for more housing developments in California – CBS San Francisco
A recent Supreme Court ruling may have significant implications for housing developments in California. The ruling states that cities and counties must be more careful in assessing impact fees on development projects, ensuring that the fees are connected to and proportionate to the actual impact of the development. Impact fees are assessments that developers must pay for the added burden their projects place on the community. The ruling could lead to challenges against generalized impact fees and may prompt cities and counties to reduce their fees voluntarily. This could help alleviate the stifling effect of high impact fees on new home construction and encourage builders to return to California. The ruling is expected to have a significant impact on the ongoing housing crisis in the state.