California's $300M home loan assistance program depleted in record time.
TL;DR
California's Dream for All program, which aimed to help first-time homebuyers by paying some or all of the upfront costs for buying a home, has run out of its initial $300 million funding after just 11 days. The program was meant to address California's ethnic and racial wealth gap, but initial data shows that a disproportionate number of beneficiaries were white, non-Latino, and living in the Sacramento area. The program will be paused until more funding can be allocated.
Topics:businessreal-estate#california#first-time-buyers#home-loans#housing-market#racial-wealth-gap#real-estate
- CA first-time homebuyer loans: Who got down payment money? CalMatters
- 'Unprecedented' demand: $300 million set aside for home loan assistance program gone in 11 days KCRA Sacramento
- CalHFA pauses Dream For All Shared Appreciation Loan program for first-time home buyers KCAL News
- $300M program aiding California home buyers ran out of cash in 2 weeks San Francisco Chronicle
- 'Unprecedented' demand: $300 million set aside for home loan assistance program gone in 11 days KCRA 3
Want the full story? Read the original reporting
Read on CalMatters