Legislators propose a $1-billion-a-year down payment program for first-time buyers, given the high cost of housing and rising mortgage interest rates, in exchange for a partial stake.
By clicking subscribe, you agree to share your email address with CalMatters to receive marketing, updates, and other emails.First-time buyers often rely on family gifts to afford the down payments on their homes. Now California Legislators want the government to fill the role of generous relative.
California’s rate of home ownership, at 56%, is second lowest in the country behind New York, according to the American Community Survey data from the census. A spokesman for the governor declined to comment on the proposal, citing the ongoing negotiations. It was not included in the governor’s original budget nor in his May revised budget.The housing proposal – which would call for issuing revenue bonds of $1 billion a year for 10 years to create the fund — is the largest in a slew of proposals intended to promote homeownership this year.
The program would reinvest those proceeds, giving the fund the ability to make new loans for eligible participants, even if prices have risen significantly.
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