One of C.A.R.’s priorities has been to increase the allocation of funds in the state budget to homeownership. Last week, the Legislature released the Join Legislative Budget Proposal which proposes to make a substantial investment in new affordable home construction, down payment assistance, and increased access to homeownership opportunities for all Californians. C.A.R. along with a coalition of statewide organizations supports this Budget Proposal and pledges to work with the Legislature and Governor Newsom to make sure these investments are part of the final State Budget agreement. 
Specifically, we support the inclusion of:

  • $1 billion for the new California Dream for All Program, which is an equity share/downpayment assistance program;
  • $350 million for CalHome;
  • $50 million for the existing down payment assistance program administered by CalFHA for low-income first-time homebuyers; and
  • $50 million for accessory dwelling unit (ADU) construction finance assistance.

The Legislature must pass a budget by June 15.