California to Help First-Time Homebuyers With Down Payment

California to Help First-Time Homebuyers With Down Payment
Newly constructed single family homes for sale in Encinitas, Calif., on July 31, 2019. Mike Blake/Reuters
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SACRAMENTO—Lawmakers are hammering out the details of a billion-dollar proposal to help first-time home buyers cover their down payment, as part of the 2022–2023 state budget signed by Gov. Gavin Newsom June 27.

Proposed by California Senate President Pro Tempore Toni Atkins (D-San Diego), the “California Dream for All” program would help pay 17 percent of the home price to make homeownership more affordable for first-generation homeowners.