Undocumented Immigrants May Qualify for State-Supported Home Loans in California
AB 1840 Passes Senate Appropriations
Bill Would Provide Up to $150,000 in Loans
In a groundbreaking move, California has proposed a bill that would make undocumented immigrants eligible for state-supported home loans. AB 1840 has passed the Senate Appropriations Committee and is now one step closer to becoming law.
If passed, the bill would allow undocumented immigrants to qualify for first-time homebuying loans through the California Dream for All Program. The program provides up to 20% of a home's value for down payment and closing costs, making homeownership more accessible for low-income families.
The California Dream for All Program has already helped over 1,700 first-time homebuyers, providing over $300 million in loans. The program has been praised for its success in helping families achieve the dream of homeownership.
AB 1840 would expand the program's eligibility to undocumented immigrants, who often face barriers to obtaining traditional financing. The bill would provide up to $150,000 in loans to eligible borrowers.
Supporters of the bill argue that it would help undocumented immigrants achieve financial stability and contribute to the state's economy. They also point out that undocumented immigrants are already paying taxes and contributing to the state's social safety net.
Opponents of the bill argue that it would reward undocumented immigrants for breaking the law. They also express concerns that it would drive up housing prices and make it more difficult for legal residents to afford homes.
The bill is expected to face a tough fight in the Assembly, where it will need a two-thirds majority to pass. However, supporters of the bill are optimistic that it will ultimately become law.
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