Bill Text: CA AB1840 | 2023-2024 | Regular Session | Introduced

California Assembly Bill 1840

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: California Dream for All Program: eligibility.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-22 - Re-referred to Com. on APPR. [AB1840 Detail]

Download: California-2023-AB1840-Introduced.html

CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Assembly Bill

No. 1840

Introduced by Assembly Member Arambula

January 16, 2024

An act to amend Section 51522 of the Health and Safety Code, relating to housing.

LEGISLATIVE COUNSEL'S DIGEST

AB 1840, as introduced, Arambula. California Dream for All Program: first-time homebuyers.

Existing law establishes the California Housing Finance Agency in the Department of Housing and Community Development, and authorizes the agency to, among other things, make loans to finance affordable housing, including residential structures, housing developments, multifamily rental housing, special needs housing, and other forms of housing, as specified. Existing law establishes the California Dream for All Program to provide shared appreciation loans to qualified first-time homebuyers, as specified. Existing law establishes the California Dream for All Fund, which is continuously appropriated for expenditure pursuant to the program and defraying the administrative costs for the agency. Existing law defines “first-time homebuyer” for these purposes.

This bill would specify that the definition of “first-time homebuyer” includes, but is not limited to, undocumented persons.

Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

Section 51522 of the Health and Safety Code is amended to read:

51522.

For the purposes of this chapter:

(a) “First-time homebuyer” ~~has the same meaning as defined in Section 50068.5.~~ means a person, including, but not limited to, an undocumented person, who is a purchaser of an owner-occupied housing unit and who neither has, nor has had, a present ownership in a principal residence at any time during the three-year period prior to the date on which the mortgage pursuant to this division is executed, except that this limitation shall not apply to a purchaser of a principal residence in a targeted area.

(b) “Fund” means the California Dream for All Fund.

(d) “Shared appreciation loan” means a deferred-payment subordinate mortgage loan, the repayment of which is based on the amount of the subordinate loan plus the appreciation in the value of the home financed by the loan from the time of purchase to the time the home is sold or refinanced.