California Democrats carved out the Dream for All money to help first-time buyers. The funds ran out after just 11 days with the average loan hitting $112,000.
, sucked dry by eager house hunters. It turns out the dream was only for a lucky couple thousand borrowers — a disproportionate number of them white, non-Latino and living in the Sacramento area.was paused on April 6, less than two weeks after the California Housing Finance Agency said it would make the program available to lenders. About $288 million in initial funding will be provided to 2,564 homebuyers, according to an internal document obtained by CalMatters.
But those figures also show that the program was disproportionately used by white homebuyers. Senate President pro Tempore Toni G. Atkins, of San Diego, said in a statement Monday that the program was intended to reach those historically shut out of the housing market. That raises an important question: How many of the people who benefited from the loan program actually needed the help and how many would have purchased a home anyway?
“We’d like to do something we’re not allowed to do in California, and this is not the fault of CalHFA or anybody else,” said Micah Weinberg, chief executive of California Forward, a nonprofit hired by the state treasurer to create an initial framework for the program.
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