Democrats in California now what to give entire homes away to illegals for free.
Is there anything Democrats don’t want the rest of us to pay for so they can give it to illegals for free?
Democrats in the left-wing state are mulling a plan to give illegals a no money down mortgage “loan” that they also, coincidentally, don’t even have to make payments on.
Sounds like free to me.
Ridiculously, this appears to be the Democrat’s way of jumpstarting the slow housing starts in the state.
Sounds suspiciously like a communist idea, one of government-paid construction just for the sake of construction and busy work. China engaged in that by building massive, empty cities, and it is one reason its economy is collapsing.
Not everyone thinks that Assembly Bill 1840 is such a great idea.
“Assembly Bill 1840 is an insult to California citizens who are being left behind and priced out of homeownership,” said State Sen. Briah Dahle, R-Bieber, accordings to The Center Square. “I’m all for helping first-time homebuyers, but give priority to those who are here in our state legally.”
It’s hard to fault Sen. Dahle for his thinking.
Check this out:
The program in question — the California Dream for All Shared Appreciation Loans program administered by the California Housing Finance Agency — started in 2023 with $300 million set aside for 2,300 applicants, and ran out of funds in just 11 days. This year, the program will require applicants to be first-generation home buyers and reduce maximum income thresholds to 120% of county median household income. Under the program, applicants can secure “loans” of up to 20% of a home’s purchase price to first-time home buyers — the cost of a down payment — with zero down payment to the CHFA, and no payments on the “loan.”
The state’s “loan” can potentially be repaid when the home is refinanced, sold, or transferred, with the borrower paying back the original loan amount plus 20% of any increase in value on the property. Unless a property loses more than 80% of its purchase price, the state will not directly lose money, but without any provisions on how long a property can be held for — including what happens with certain kinds of trusts, such as right-of-survivorship trusts — it’s not clear if the state can ever get its money back if a family decides to hold on to the home.
This is just lunacy and economic suicide.
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