{"id":12399,"date":"2024-08-29T03:30:27","date_gmt":"2024-08-29T03:30:27","guid":{"rendered":"https:\/\/wifamily.news\/?p=12399"},"modified":"2024-08-29T03:59:40","modified_gmt":"2024-08-29T03:59:40","slug":"california-legislature-allows-illegal-immigrants-to-get-free-150000-home-down-payment-loans","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=12399","title":{"rendered":"California Legislature Allows Illegal Immigrants to Get Free $150,000 Home Down Payment Loans"},"content":{"rendered":"

This post originally appeared at https:\/\/www.wisconsinrightnow.com\/california-legislature-allows-undocumented-to-get-free-150k-home-down-payments\/<\/a><\/p>\n

\"Home<\/p>\n

The California legislature passed a bill allowing undocumented immigrants to make use of the state\u2019s $150,000, 0 down, 0 interest home \u201cloans.\u201d The bill now goes to the governor\u2019s desk, where he must either veto or approve the bill by the end of September.<\/p>\n

California has one of the worst home shortages in the nation, with an estimated 4.5 million home shortage, and a nearly $1 million median home price.<\/p>\n

“Many generational Californians can\u2019t afford to buy a house in their home state thanks to Democrats\u2019 unsustainable economic policies,\u201d said State Senate Minority Leader Brian W. Jones, R-San Diego, in a statement urging California Gov. Gavin Newsom to veto the bill. “This policy is not only unfair but also sends a dangerous message: \u2018Come to California, whether legally or illegally, and claim your $150,000 home loan.\u2019”<\/p>\n

California\u2019s Dream for All Shared Appreciation Loans program allows applicants to secure \u201cloans\u201d of up to $150,000 or 20% of the home\u2019s purchase price \u2014 or, about what a typical down payment is \u2014 with zero down payment on this state \u201cloan,\u201d and no payments. In exchange, the state receives the original loan amount plus 20% of the appreciated gain when the home is refinanced, sold, or transferred.<\/p>\n

Last year, the state allocated $255 million for the program for 1,700 lucky \u201cwinners\u201d of an application lottery. This year, the state did not fund the program at all as it narrowly balanced a $47 billion budget deficit.<\/p>\n

It\u2019s not clear what happens if a family decides to hold on to a home as there are no provisions on how long a property can be held for, which means certain kinds of trusts could potentially allow the loan to not be paid back.<\/p>\n

The bill now goes to Newsom\u2019s desk for approval where it faces an uncertain future. The governor has often used the state\u2019s poor finances to justify vetoing bills popular with California Democrats but unpopular nationwide.<\/p>\n","protected":false},"excerpt":{"rendered":"

This post originally appeared at https:\/\/www.wisconsinrightnow.com\/california-legislature-allows-undocumented-to-get-free-150k-home-down-payments\/ The California legislature passed a bill allowing undocumented immigrants…<\/p>\n","protected":false},"author":15,"featured_media":12401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-12399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wi-right-now"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/12399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12399"}],"version-history":[{"count":2,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/12399\/revisions"}],"predecessor-version":[{"id":12402,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/12399\/revisions\/12402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/12401"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}