Bill > AB57

This bill modifies the California Dream for All Program to require that at least 10% of the program's funds be reserved for descendants of formerly enslaved people, once a certification process is established by a proposed new Bureau for Descendants of American Slavery. The California Dream for All Program is an existing initiative that provides shared appreciation loans to help low- and moderate-income first-time homebuyers purchase owner-occupied homes. The bill stipulates that these funds would be specifically set aside for applicants who meet the program's loan requirements and have been officially certified as descendants of people who were enslaved in the United States. However, the bill will only become operative if Senate Bill 518 (from the 2025-26 legislative session) is enacted by January 1, 2027, which would create the Bureau for Descendants of American Slavery. The goal of this provision is to expand homeownership opportunities and help address historical economic disparities by providing targeted financial assistance to descendants of enslaved people.

Budget and Finance, Housing and Urban Affairs, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB57