Substantial investment will fund home construction, help with down payment and make home ownership more achievable for all Californians

SACRAMENTO, Calif., June 6, 2022 /PRNewswire/ — The California Homeownership Coalition — which includes the CALIFORNIA ASSOCIATION OF REAL ESTATE AGENTS^® (CAR), California Building Industry Association (CBIA), Habitat for Humanity and other leading statewide advocacy groups – welcomed the joint legislative budget proposal, which proposes to make a substantial investment in building affordable new homes, down payment assistance, and increased access to homeownership opportunities for all Californians. The Coalition is committed to working with the legislature and the government. Gavin Newsom to ensure that these investments, including the supply of property, are part of the final agreement on the state budget.

The Coalition issued the following statement in concert with a letter asking the governor. Gavin Newsom for supporting these essential investments in home ownership:

“This historic coalition proudly supports the Joint Legislative Budget Proposal as it will help hard-working families reap the rewards of homeownership. Specifically, we welcome the inclusion of $350 million for CalHome, which acts directly to increase supply, and $50 million for the existing down payment assistance program administered by CalFHA for low-income first-time home buyers. Additionally, we support the inclusion of $50 million for assistance in financing the construction of accessory dwelling units (ADU) and $1 billion for the new California Dream for All program, which aims to make homeownership more accessible to the state’s prosperous middle class and create generational wealth.

Homeownership offers working families the unparalleled ability to accumulate generational wealth and enjoy financial stability through a fixed mortgage versus rising rents. In addition, California is experiencing a severe shortage of affordable and entry-level housing accessible to low- and very low-income people who qualify to become first-time homeowners. These financing solutions are especially important for communities of color that still face disproportionately low homeownership rates due to decades-long discriminatory housing practices.

These investments from the state budget will help address these long-standing inequalities, and we are confident that the government. Gavin Newsom will support them as part of its strong commitment to increasing housing opportunities for all Californians. »

The California Homeownership Coalition includes the following organizations:

THE SOURCE CALIFORNIA ASSOCIATION OF REAL ESTATE AGENTS