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Author Topic: I don't qualify but those that do, seems like a good deal, half off?  (Read 68 times)

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Offline theking

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If you're a Californian, the state wants to cover almost half the cost of your new home

California Senate Democrats proposed a program to subsidize up to 45% of new home costs.

This would apply to first-time homebuyers and would save families more than $12,000 each year.

Home prices have skyrocketed during the pandemic, putting homeownership out of reach for many.

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To ensure more equitable access to homeownership, California Senate Democrats included a program in the budget they unveiled last week that would partially subsidize the costs of buying a new home.

The "California Dream for All" program, which the Democrats first outlined in April in the Build Back Boldly budget plan, would pay for, and own, up to 45% of a home for a first-time homebuyer, cutting the purchase price of a home nearly in half. The lawmakers wrote in the proposal that this program would allow Californians to buy their first home with a "silent partner," significantly reducing the homebuying cost and helping close the racial wealth gap.

"Generation after generation, those with wealth get wealthier, and those without fall further behind," the proposal said. "As has been the case so often throughout the nation's history, this has been made worse by racist barriers constructed to hold communities back - and the impacts of those barriers are still evident today. The first step to reaching the California dream of thriving in the middle class and building family wealth starts with homeownership. "

According to the outline, this program would:

Save families more than $12,000 each year through the subsidized costs;

Establish the California Dream Fund, which would be infused with a one-time deposit of available funds;

Allow first-time homebuyers to partner with the Fund, which would own a minority share of up to 45% of the house;

And target outreach to underrepresent ed homeownership communities and those with high student debts.

Eligibility for the program is based on income levels, and eligibility of the homes is based on home price. The outline noted that eligibility requirements will differ by region "to reflect the reality that incomes and home prices differ dramatically throughout California." Further eligibility criteria weren't disclosed.



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Offline theking

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Re: I don't qualify but those that do, seems like a good deal, half off?
« Reply #1 on: June 10, 2021, 11:00:34 PM »
With rents like this, perhaps buying may be the better alternative especially with "almost half off" deals.. ???



« Last Edit: June 14, 2021, 11:40:23 PM by theking »

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Offline theking

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Re: I don't qualify but those that do, seems like a good deal, half off?
« Reply #2 on: June 14, 2021, 11:45:36 PM »
Even at "almost half" off, buying one of these homes can still be expensive for most  ???:






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