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Por Alejandro Lazo

En resumen

Lawmakers are proposing a $1 billion-a-year down payment program for first-time homebuyers, given the high partial cost of housing and rising mortgage interest rates , in exchange for a share .

First-time buyers often rely on family gifts to pay the down payment on their homes. Now California lawmakers want the government to play that role of generous relative.

Lawmakers are proposing to create a $1 billion fund in this year's state budget that would provide California's first-time homebuyers with all the money they need for a down payment or premium, or nearly all of it, in exchange for partial ownership stakes. in those residences.

The proposal, introduced by Acting State Senate President Toni Atkins, comes as property prices soar and widen the gap between who Posee y quien alquileres sus hogares in California. Last year, Golden State homeowners earned $141,000 in home equity , on average, updated last week by housing research firm CoreLogic, more than in any other state.

California's homeownership rate, at 56%, is the second lowest in the country después de New York, according a data from the Census American Community Survey.

Atkins said the 'California Dream for All' program aims to create opportunities for low- and middle-income buyers in a rapidly growing market, including those who have faced racial and economic barriers to homeownership.

" The 'California Dream for All' program daré más, people a chance to break free from the rental cycle , ” Atkins said last month . " This has the ability to change people's lives ."

The proposal is the subject of negotiations between the vast Democratic majority of the Legislatura y El gobernador Gavin Newsom, also a Demócrata , El cómo gastar un projected $97.5 billion budget surplus. The legislature submitted a budget Monday that includes the proposal, though negotiations with Newsom over a final general spending plan coincide.

A spokesman for the governor declined to comment on the proposal, citing ongoing negotiations. It is not included in the governor's original budget or his May revised budget.

A multimillion dollar fund

The housing proposal, which called for the issuance of revenue bonds of $1 billion a year para 10 years for the fund, is the largest in a series of proposals aimed at promoting homeownership this year. . The proposal also incluye $50 million in this year's budget and $ 150 millón por año después de that to pay for program costs and interest costs on revenue bonds .

The program plans to help about 7,700 borrowers a year , conforme to estimates made by the program's designers based on home price projections. No start date has been indicated for the proposed program.

If approved, the program would begin emisor interest-free second hipoteca loans that cover up to 30% of a home's purchase price, though lawmakers expect many of the préstamos to cover 17% and ask borrowers who include 3% of their own money or pardon with other first-time comprador de casa .

La interest- gratuitos loans would be paid back into a state fund each time the home was sold, or if a larger mortgage was purchased in a cash-out refinance. For example, if the fund had 20% of the home's purchase price, the fund would get back su inicial inversión extranjera , ya que bien as a 20% share of any increase in the home's value.

The program would reinvest those proceeds, giving the fund the ability to make new préstamos a elegible participants, even if prices have increased significantly.

As long as home prices rose, the plan would create net worth for people who would have otherwise remained renters. The program would also generar suficientes revenue for the state to help future homebuyers.

If prices fall, homeowners todavía podría earn some equity and the fund would absorb el pérdidas , program planners said.

Construyendo riqueza generacional

El programa es intended to generate as much flexibility as possible. Buyers who have historically lived in low-income neighborhoods may receive priority for some of the funds and may use Compartido Apreciación Loans to purchase in their current neighborhoods or purchase homes elsewhere.

" We need to make sure the state's homeownership assistance program serves people in all parts of the state, including high-cost areas, " said Micah Weinberg, executive director of the nonprofit group California Forward, which oversaw la redacción de la propuesta.

" We cannot wait until más, housing is built for these communities to start generating the generational wealth that was left out of them and that they sorely deserve "Él said during a recent legislative hearing.

The program would be open to buyers earning less than 150% of the ingreso medio en su área y se target first-generation homebuyers así como as those with high student debt loads.

If passed, the program would significantly improve housing affordability in California for people who are awarded one of the loans, proponents say . Had it existed in 2021, for example, it would have reduced the annual income needed to buy a median-priced home from $786,000 by more than $30,000 to about $90,000 , según Kate Owens, director of HR&A Advisors, Inc., a de los económico firma consultora contratado para diseñar el programa.

The program differs from other down payment assistance programs in that most offer much smaller payments , often about 3% to 5% of the purchase price, in the form of grants or préstamos .

The proposed state fund allows homeowners to forego a down payment, eliminating the need to save for that initial investment, which Atkins says is the biggest hurdle for many buyers in today's market.

These equity participation agreements are often referred to as shared appreciation mortgages. California's plan would be el mayor vez attempted experiment in the US with such préstamos , the program's designers said.

They can less afford houses 

Más de un período de 40 años , the program could help about 157,000 families with intereses -free loans, said Gene Slater, president of CSG Advisors, another consulting firm hired to design the program.

Lawmakers said they are Intentando hacer más, to support homeownership, especially now that the pandemic has spurred demand for single-family properties as remote workers seek more space and as communities around the world state are woefully below housing construction targets.

" Until California truly prioritizes affordable homeownership, a generation of Californians will not be able a access one of the la mayor reliable forms of wealth creation available: home ownership, " said Assemblyman Tim Grayson, Concord Democrat in April.

Obtenga más información sobre los legisladores mencionados en esta historia


Tim Grayson

Asamblea Estatal, Distrito 14 (Concord)


Tim Grayson

Asamblea Estatal, Distrito 14 (Concord)

Cómo votaste 2019-2020
Información demográfica en el Distrito 14

Raza / Etnicidad


el registro de votantes

sin fiesta23%
Otro 4%
contribuciones de campaña

Asm. Tim Grayson has taken at least $695,000 from the Finance, Insurance and Real Estate sector since he was elected to the legislature. That represents 20% of your total campaign contributions.


tony atkins

Senado estatal, Distrito 39 (San Diego)


tony atkins

Senado estatal, Distrito 39 (San Diego)

Cómo votaste 2019-2020
Información demográfica en el Distrito 39

Raza / Etnicidad


el registro de votantes

sin fiesta27%
Otro 4%
contribuciones de campaña

La Senadora Toni Atkins ha tomado al menos $1.8 millones del Partido Laborista desde que fue elegida para la legislatura. Eso representa el 20% del total de sus contribuciones a la campaña.

California home price increases mean affordability has plummeted, even más, so for Black and Latino families. Only 26% of California households overall made the minimum annual income needed to purchase a median-priced single-family home last year. Only 17% of black and Latino households could afford such a property, according to a report by the Asociación de Agentes Inmobiliarios de California , que apoya la creación del fondo de pago inicial.

" Homeownership gives working families the unparalleled ability to build generational wealth and experience financial stability through a fixed mortgage in the face of rising rents ,” said the California Homeowners Coalition, a group which includes realtors, the California Building Industry Association, and Hábitat para la Humanidad.

" These financing solutions are especially important for communities of color that posible face disproportionately low homeownership rates due to décadas of discriminatorio housing practices ."

Posibles complicaciones

Richard Green, director of the Lusk Center for Real Estate at the University of Southern California, submitted a competitive research proposal that was not selected by the state. You support the goals of the one you 're considering, but you're concerned about how complicated it is.

" There are a lot of things in life where the idea of policy is great (but) executing it is difficult , " he said, adding that while the program would be solo una fracción of the state's massive real estate market, it could It would contribute to higher prices if it gets más grande " If this program scales, it will almost certainly have at least some impacto .

Andrew Caplin, a New York University professor who wrote a book on value -sharing programs, said he is eager to see the concept take off, but has largely promoted the idea to private investors, not governments. .

Caplin did not accept the California plan, but said he would worry que politicians would feel pressured not to demand payment and " in the end, it will all be agreed that we really can't collect the money, like the pr We are students .

someone else's mortgage

Had it existed, the program could have helped a homebuyer like Aralyn Tucker, 29 , who moved to Sacramento in 2017 because the price of her hometown of San Jose's housing market priced her salir . From the market.

Tucker, who has a master's la licenciatura in público política y administration from Sacramento State University, works in human resources at a private school. He was only able to afford a two-bedroom condo in Sacramento after su parents contributed most of the down payment as a gift.

Buying a house was important, she said, because her family had moved at least four times before she turned 18, sometimes in unstable housing situations.

" Creating that generational wealth and creating that security has been very important to my parents "Él dijo.

The down payment help was critical, because her mortgage payment is only $200 más, than her rent, she said, but she couldn't save for a down payment on her own.

" People of my generation, we have so many extra expenses that we can't put that cash aside as a down payment "Él dijo.

“I'm making enough money aquí to pay $2,200 in rent every month that I paid algo time every month, and yet I wouldn't qualify for a mortgage because I don't have a down payment "Él dijo. " We are constantly behind and we are paying in a system that does not return anything to us with respect to capital gains . I'm paying someone else's mortgage ."

Este planteamiento de « artículo es parte de el División de California Oficial , una colaboración entre redacciones que examina la desigualdad de ingresos y la supervivencia económica en California.

Este artículo fue original publiquen (página en inglés) by CalMatters .

Este artículo fue publicado originalmente por CalMatters.

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