California REALTORS® urge State Legislature to prioritize homeownership

LOS ANGELES, June 15, 2023 /PRNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) today issued the following statement regarding the 2023-24 state budget passed by the California Legislature:

The CALIFORNIA ASSOCIATION OF REALTORS^® is disappointed that the legislature failed to prioritize critical funding for housing and the California Dream for All down payment assistance program, championed and envisioned by Senate President pro Tempore Toni Atkins as part of the 2023-24 state budget. Countless studies demonstrate that homeownership opens the door to true economic security, better health and educational outcomes and is critical to building intergenerational wealth.

The California Dream for All program is a huge step forward in closing the homeownership and wealth gaps that exist in our state. This innovative down payment assistance program for working Californians who are first-time homebuyers allows the state to invest alongside them by providing up to a 20 percent down payment.

While this is a challenging budget year for California, the program allows the state to recoup its investment, plus receive a share of the home's appreciation when the new homeowner sells or refinances. The fact that an initial funding round was fully committed in just 11 days of the program's launch clearly illustrates the demand and desire for working Californians to become homeowners.

California REALTORS^® continue to applaud Senate President Pro Tem Toni Atkins for her foresight to envision the program. There is still an opportunity for Gov. Gavin Newsom and California lawmakers to work together in the coming weeks as final elements of the state budget are negotiated to prioritize this critical investment in working Californians that will pay dividends for the state and its residents.

Leading the way...^® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)