Bill > AB2387

This bill expands the California Dream for All Program to provide additional housing assistance to first-generation homebuyers, defined as first-time homebuyers whose parents have never owned a home. The program will now offer forgivable deferred loans to first-generation homebuyers with incomes at or below 80 percent of the area median income, and shared-appreciation loans to those with incomes above that threshold. Priority will be given to first-generation homebuyers purchasing homes built with state funding, and assistance approval will be expedited for those buying in moderate-density areas. Additionally, a new Credit-Enhancement and Guarantee Fund will be established to distribute this assistance, particularly to first-generation homebuyers with limited credit history, and the agency will align these efforts with federal programs aimed at increasing credit access for this group. The bill also directs a working group to explore using these funds for down payment assistance on properties suitable for small-plexes (two to four units) or accessory dwelling units (ADUs).

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB2387