Golden State Today

California Governor Gavin Newsom announced today that 1,700 first-generation homebuyers have been conditionally approved for the Dream For All Shared Appreciation Loan program. This initiative provides potential homeowners with vouchers covering up to 20% of a home's value for down payment and closing cost assistance.

"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. This program is more than just financial assistance – it’s about providing a pathway for individuals to achieve their California dream," said Governor Gavin Newsom.

Since its inception in 2023, the Dream For All Program has facilitated homeownership for nearly 4,000 first-time buyers. The first round of financing enabled approximately 2,200 families across California to purchase their first homes. The latest announcement extends this opportunity to an additional 1,700 low- to moderate-income families.

The second round specifically targets first-generation homebuyers—those whose parents did not own homes and therefore missed out on various social and economic benefits associated with homeownership. Due to high demand, the California Housing Finance Agency (CalHFA) implemented a random selection process from among 18,000 applicants to ensure fair distribution of the $255 million available in this funding round. A third-party audit verified that voucher recipients met key program requirements.

CalHFA will distribute funds across nine regions in California: the Capital Region, Central Coast, Central Valley, Inland Empire, Los Angeles, Orange County, San Diego, San Francisco Bay Area, and rural areas.

Recipients now have 90 days to utilize their Dream For All down payment assistance vouchers. Upon selling or refinancing their homes, they are required to repay the initial amount received plus up to 20% of any increase in property value. These proceeds will be reinvested into future rounds of funding for new homeowners.

For more information on CalHFA’s Dream For All Program [link].