![]() A start date for the proposed program has not been indicated. The program envisions helping some 7,700 borrowers a year, according to estimates made by the program’s designers based on home price projections. The proposal also includes $50 million in the budget this year, and $150 million per year after that to pay for the administrative costs of the program and the interest costs of the revenue bonds. The housing proposal – which would call for issuing revenue bonds of $1 billion a year for 10 years to create the fund - is the largest in a slew of proposals intended to promote homeownership this year. It was not included in the governor’s original budget nor in his May revised budget. ![]() The legislature passed a budget on Monday that includes the proposal, though negotiations with Newsom continue on a final overall spending plan.Ī spokesman for the governor declined to comment on the proposal, citing the ongoing negotiations. Gavin Newsom, also a Democrat, on how to spend a projected budget surplus of $97.5 billion. The proposal is the subject of negotiations between the Legislature’s Democratic supermajority and Gov. “This has the ability to change people’s lives.” “The California Dream for All program will give more people the chance to break free from the cycle of renting,” Atkins said last month. ![]() California’s rate of home ownership, at 56%, is second lowest in the country behind New York, according to the American Community Survey data from the census.Ītkins said the California Dream for All program is aimed at creating opportunities for lower- and middle-income buyers in a rapidly rising market, including those who have faced racial and economic barriers to homeownership.
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