CALIFORNIA – Governor Gavin Newsom announced, June 28, that 1,700 first-generation homebuyers have been conditionally approved for the Dream For All (DFA) Shared Appreciation Loan program.
“As part of the state’s comprehensive efforts to improve affordability, build generational wealth, and unlock access to housing, Dream For All is paving the way home for thousands of Californians,” said Newsom.
The program provides homebuyers with vouchers up to 20% of a home’s value for down payment and closing cost assistance.
Newsom’s office says that due to extremely high demand, the California Housing Finance Agency (CalHFA) used a random selection process to ensure all 18,000 applicants had an equal chance at receiving funding from the $255 million available.
CalHFA issues all vouchers
CalHFA says they have issued all the vouchers.
“Applicants should log into their account on the DFA application portal to see their updated status,” said a CalHFA email news release. “While 1,700 applicants will see a ‘Voucher Issued’ status, those who receive a ‘Not Selected’ status are encouraged to work with their lender to discuss other CalHFA down payment assistance programs.”
Voucher recipients now have 90 days to find a home using DFA down payment assistance.
CalHFA says if applicants were added to the waitlist, they will be selected in the order they were drawn if any of the ‘issued vouchers’ are canceled or if all funds are not used for a particular region.
Dream For All has helped nearly 4,000 first-time homebuyers
According to Newsom’s office, DFA has provided nearly 4,000 first-time homebuyers down payment funding assistance.
When DFA recipients sell or refinance the home, they will repay the initial amount of assistance, plus up to 20% of any increase in the home’s value.
“Those proceeds will then be used to fund the next round of homeowners, continuing the cycle of expanded homeownership opportunities,” said Newsom’s office.
For more information on the Dream For All program visit https://www.calhfa.ca.gov/dream/
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