By The Diary
Aug 29, 2024, 01:51 AM EDT
California lawmakers have approved a bill that would allow certain undocumented immigrants to qualify for a state program that offers up to $150,000 in loans to help them purchase their first home.
The bill, AB-1840, was introduced in the Democratic-majority Assembly by a vote of 45 to 15. The bill also passed the Senate by a vote of 25 to 14.
Newsom has one month to sign or veto the initiative
After being approved, the measure now heads to the office of Democratic Governor Gavin Newsom, just as the topic of immigration is present in the campaigns for the upcoming presidential elections. Newsom has one month to sign or veto the legislation, which was featured on Fox News.
The newspaper Politico reported that Democratic candidate Kamala Harris is toughening her stance on the border amid criticism from Donald Trump.
“Housing Bill”
“This is not an immigration bill,” the bill’s author, Fresno Democrat Joaquin Arambula, said on the Assembly floor before the measure passed.
“This is not a bill about the housing crisis. We all know that no bill can solve those areas on its own. This is a bill about equity,” he told the same newspaper.
“Those who contribute to a system should be able to receive benefits from those same systems as everyone else,” he added.
This is how you can be a candidate
How can undocumented immigrants qualify for this housing loan? According to the law, immigrants who have social security or taxpayer identification numbers would qualify for the program and obtain the loan.
The measure would explicitly make some undocumented immigrants eligible for existing homebuyer loan programs administered by the California Housing Finance Agency, an independent state agency.
Politico explained that the shared appreciation loan program, called California Dream for All, provides first-time homebuyers with specific income limits and 20% down payment assistance up to $150,000.
The only interest the homebuyer would pay would be 15% or 20% of the increase in the home’s value when selling the property, depending on income level. The program has received state funding, but the agency also generates revenue through mortgage loans, not from taxpayers.
Republican lawmakers criticized AB-1840, saying veterans and others in the country legally who are having difficulty finding housing would need the program. They also said it would be a budget buster.
With information from Politico
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