CalHFA pauses Dream For All Shared Appreciation Loan program for first-time home buyers
California's Housing Finance Agency has announced it will pause the Dream For All Shared Appreciation Loan program due to the imminent depletion of funds. The agency announced all funds will most likely be fully committed by April 10.
CalHFA's Dream For All Shared Appreciation Loan program offers financing options for low and moderate-income Californians to purchase their first homes. The program made $300 million in funding available, which is expected to assist over 2300 Californians in achieving homeownership.
However, the funding source for this program is separate from all other CalHFA programs, and the agency's other single-family lending programs will continue to be available.
A deadline of April 12 at 3 p.m. has been set by CalHFA for rate locks on loan files, including new construction properties. Any loan files that do not have rate locks by that time will not be funded, the agency said. The rate locks are valid for 60 days with extensions available.
A statement from Senate President pro Tempore Toni G. Atkins (D-San Diego) said:
It is incredible and inspiring to see that the launch of the California Dream for All program has already been so successful – the fact that it has helped more than 2,300 first time homebuyers with their down payments in its first two weeks is terrific. That rapid response and resulting use of the $300 million in funding currently available shows just how critical this down payment assistance program is for California families. While we are off to a strong start, we can't truly make a difference in opening the doors to building generational wealth for Californians without sustained funding for the program. I look forward to working with my colleagues in the Legislature and with the Governor to get the remaining $200 million already appropriated out the door, and to providing even more funds in the upcoming budget as we work to build the California Dream for All program into a robust, revolving program.