San Diego ‘Dream [Home] For All’ Program Runs Out of Funds in 2 Weeks

2
110

According to KBPS, The California Housing Finance Agency (CalHFA) launched the California Dream for All Shared Appreciation loan program which gave buyers a free 20% down payment and 0% interest on the rest. It ran out of funds two weeks ago.

It offered qualified first-time buyers up to 20% of the purchase price of a house or condo, with 0% interest on the extra money.

But the shared equity program has already run out of funds and can’t take on any more applicants.

“Plenty got preapproved, but unfortunately the funds ran out so quickly that a lot of clients didn’t get to take action with it,” said San Diego real estate broker Alli Urguby.

They were giving it away to the wealthy who make $211,000, but maybe that’s not wealthy in San Diego.

Another San Diego real estate broker, Voltaire Lepe, said over the last two weeks he worked with 33 people interested in utilizing the program. Only two were guaranteed the funds.

How many federal funds are involved? We don’t know yet, but they do have a big deficit in this year’s budget.

Urguby said she’s telling her dozens or so interested clients that all is not lost even though the funding is gone for now.

“There are other down payment assistance programs but there’s also already talk that there will be more funds coming into a program like this because it is so very needed,” the real estate agent said.

State lawmakers had set aside $500 million for the program as part of the 2022-23 budget, but a difficult economic forecast for California led to a 40% cut in funding.


PowerInbox
0 0 votes
Article Rating
Subscribe
Notify of
guest
2 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments