Ab 1840 Expands Eligibility For First Time Homebuyer Programs

California Bill Advances to Aid Undocumented Immigrants with Homeownership

AB 1840 Expands Eligibility for First-Time Homebuyer Programs

Background:

* California Senate Appropriations Committee approved AB 1840, advancing it to the next legislative stage. * AB 1840 aims to expand eligibility for first-time homebuyer programs to include undocumented immigrants. * The bill was introduced by Assemblymember Joaquin Arambula (D-Fresno) in January 2023.

Key Provisions:

* Expands eligibility for the state's first-time homebuyer programs, such as down payment assistance and low-interest loans. * Allows undocumented immigrants who meet certain criteria to apply for these programs. * Provides a pathway to homeownership for a population that has historically faced barriers to obtaining financing.

Significance:

* In 2023, 12,000 first-time homebuyers used state programs to purchase homes. * If passed, AB 1840 could significantly increase the number of undocumented immigrants able to become homeowners. * The bill aligns with California's commitment to equity and inclusion in housing.

Next Steps:

* AB 1840 will proceed to further consideration by the State Senate. * If passed by the Senate, it will then move to the State Assembly for a vote. * If approved by the Assembly, it will go to Governor Gavin Newsom for his signature.