Local news- Press Release
City of Davis California - State s Dream For All Down Payment Assistance Program Opening Soon 21 February 2024 ( news )
City of Davis , state California ( By Press Release office)
Feb 21,2024
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The City of Davis announced today that the California Finance Agency’s ( CalHFA ) Dream for All Shared Appreciation Loan program is opening soon in April 2024 . This program offers up to 20% for down payment or closing costs , up to a maximum of $150 , 000 , for first - time and first - generation homebuyers making below 120% of the Area Median Income .
To be eligible for this program:
• One borrower must be a first - generation homebuyer
• One borrower must be a current California resident
• All borrowers must be first - time homebuyers
• Borrowers must be at or below 120% of the Area Median Income for the county they are purchasing in ( in Yolo County for a family it is $180 , 000 )
• Borrowers must be a U . S . citizen , other National of the United States or a “Qualified Alien” as defined at 8 U . S . C § 1641
This second funding phase of the program will allocate funds through randomized drawing in April 2024 . Borrowers must complete all paperwork and eligibility before then . The first funding phase of the program occurred in 2023 and helped more than 2 , 100 low - income residents purchase new homes for the first time . Home ownership is a factor in helping low - income families develop generational wealth , invest in themselves and their families and find a path out of poverty .
After checking eligibility , borrowers must take the following steps:
• Talk with a
CalHFA approved lender
• Work with a loan officer to secure a
lender pre - approval letter
• Take a free , online , one - hourCalifornia Dream For All education course
• Sign up to get
updates from the CalHFA program
For more information about the program ,
visit: https://www . calhfa . ca . gov/dream/
. Community members can also pick up an informational packet about the Dream For All Program , as well as other pertinent information for first - time homebuyers , from the community information bookshelf in the hallway at Davis City Hall , located at 23 Russell Blvd . Questions can be emailed to the City’s Affordable Housing division at:
affordablehousing@cityofdavis . org
.
Press contact: Barbara Archer ,
barcher@cityofdavis . org
,
530 - 400 - 3418
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