Bill Text: CA AB1840 | 2023-2024 | Regular Session | Amended
Bill Title: Home Purchase Assistance Program: eligibility.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Vetoed) 2024-09-06 - Vetoed by Governor. [AB1840 Detail]
Download: California-2023-AB1840-Amended.html
Amended
IN
Assembly
February 28, 2024 |
Introduced by Assembly Member Arambula |
January 16, 2024 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 51523 of the Health and Safety Code is amended to read:51523.
(a) The California Dream for All Program is hereby established to provide shared appreciation loans to qualified first-time homebuyers. The program shall be limited to providing assistance to low- and moderate-income homebuyers in the purchase of owner-occupied homes. The agency, subject to the availability of funds for the purposes of this chapter, shall implement and administer the California Dream for All Program in accordance with this chapter.SEC. 2.
Section 51524 of the Health and Safety Code is amended to read:51524.
(a) (1) There is hereby established in the State Treasury the California Dream for All Fund.For the purposes of this chapter:
(a)“First-time homebuyer” means a person, including, but not limited to, an undocumented person, who is a purchaser of an owner-occupied housing unit and who neither has, nor has had, a present ownership in a principal residence at any time during the three-year period prior to the date on which the mortgage pursuant to this division is executed, except that this limitation shall not apply to a purchaser of a principal residence in a targeted area.
(b)“Fund” means the California Dream for All Fund.
(c)“Program” means the California Dream for All Program.
(d)“Shared appreciation loan” means a deferred-payment subordinate mortgage loan, the repayment of which is based on the amount of the subordinate loan plus the appreciation in the value of the home financed by the loan from the time of purchase to the time the home is sold or refinanced.