April 22, 2024 #1 Local News, Information and Event Source for the Century City/Westwood areas.

California’s Home Loan Program Implements Lottery System for Equity in Distribution

Changes to Shared Appreciation Loan Program Aim to Increase Accessibility

By Keemia Zhang

The California Dream For All Shared Appreciation loan program is set to relaunch with new changes in order to reach more and diverse potential buyers. 

The program, which helps low-income Californians acquire no-interest, no-monthly-payment loans, ran out of its almost $300 million budget 11 days after its launch with 2,1000 loans. 20% of the loans went to Sacramento County residents, with just 9% going to Los Angeles home buyers. 

Following reports that select recipients were already in advanced stages of the home-buying process and likely could afford homes by themselves, The California Housing Finance Agency (CalHFA) will now offer loans to qualified applicants based on a lottery system.

Eligibility changes implemented into the program include a new income limit – now 120% of the Area Median Income – and the requirement that potential home-buyers must not have parents who own homes as well. The loans cover down payment and closing costs on first homes, offering a maximum of either $150,000 or 20% of the home’s price, depending on which is a lesser value. 

​​Eric Johnson, a spokesperson for CalHFA, stated that the agency “wants to ensure that this round of funding is distributed as equitably as possible and to make sure that there is plenty of time for potential homebuyers to learn about the program, work with a mortgage professional, and submit their applications.”

The lottery runs from early April to May and will select 1,700-2,000 recipients to receive a loan voucher. Vouchers will be set aside for each of the state’s regions, consistent with the amount of home-buyers in each area. Borrowers whose incomes are 80% or less of the area median income pay a lesser percentage of the value increase. The state loan has no mandated payments until the home is refinanced, sold, or has paid off a first mortgage.  

Successful recipients of the program repay their original down payment without interest, as well as part of the property’s appreciated value if they decide to sell.

Related Posts

(Video) Ariana Madix Confirms Something About Her Will Open Soon at LA Times Festival of Books

April 22, 2024

April 22, 2024

Ariana Madix answers the questions that fans want to ask at the Festival of Books as she appears to support...

Comedian Michelle Collins Brings her Big Natural Tour to LA

April 21, 2024

April 21, 2024

She’s funny, tall, glam and finally long-legging her way across these United States… it’s the Michelle Collins stand-up comedy tour...

Former CBS CEO Admits Role in Disclosure of Confidential Police Information

April 21, 2024

April 21, 2024

Leslie Moonves Fined for Aiding Misuse of Confidential Data in LAPD Complaint Former CBS CEO Leslie Moonves has acknowledged his...

Los Angeles Police Department Reveals Identity of Victim Found in Stolen U-Haul Truck in West Adams

April 21, 2024

April 21, 2024

Body Found in Rental Vehicle Was Shot in the Head, LAPD Seeks Information Detectives from the West Bureau Homicide Division...

Outrage Erupts Over Demolition of Iconic Midcentury Craig Ellwood Home in Brentwood

April 21, 2024

April 21, 2024

Destruction of Zimmerman House Creates Internet Backlash Preservationists lamented last year when another treasure of L.A.’s midcentury modern architecture vanished,...

Make Science Your Destination This Summer

April 19, 2024

April 19, 2024

Destination Science is the fun science day camp for curious kids with over 15 STEM activities weekly, three science stations...

Prime Time Sports Camps Coming Soon

April 19, 2024

April 19, 2024

Prime Time Sports Camp has remained a constant in the everchanging camp landscape for over 30 years by following this...

Groundlings Summer Improv Classes Open April 2

April 19, 2024

April 19, 2024

A summer of improvisation is around the corner at The Groundlings.  Three months of summer class offerings for teens will...

Coming to Venice for 4/20? Visit your original cannabis locals! Specials! Live entertainment @4:20pm  Doors open at 10am!!

April 19, 2024

April 19, 2024

Coming to Venice for 4/20? Visit your original cannabis locals! Specials! Live entertainment @4:20pm Doors open at 10am!! Free goodies!!...

Venice Kush Hosts “The Real Deal” Cannabis Celebration at the Beach

April 19, 2024

April 19, 2024

A Day of Education, Innovation, and Community at Venice Beach Venice Kush is gearing up to host its much-anticipated “The...

Get Jokerfied with The People’s Joker Director Vera Drew Interview; Now Playing at the Nuart Theatre

April 19, 2024

April 19, 2024

Vera Drew on Crafting a Trans Supervillain and Creating Comedy Chaos By Dolores Quintana The People’s Joker is an explosive...

Nicolas Cage Stars in Arcadian: A Bewitching Apocalypse

April 18, 2024

April 18, 2024

New Horror Film Delivers Solid Monster Movie Experience Arcadian is a new horror film starring Nicolas Cage (Dream Scenario, Mandy),...

Westside Woman Pleads Guilty to $2M COVID-19 Loan Fraud, IRS Scam

April 18, 2024

April 18, 2024

Suspect Admits to Wire Fraud, False Claims in Elaborate Scheme Casie Hynes, a resident of the Mid-City area, entered a...

Body Found Abandoned in Stolen U-Haul Truck in Los Angeles Mid-City

April 18, 2024

April 18, 2024

LAPD Investigates Disturbing Discovery After Worker Reports Foul Odor Authorities are probing a disturbing incident after a body was discovered...

(Video) Award-Winning Pianist to Premiere “Rocket Man: A Live Orchestral Experience” in Santa Monica

April 18, 2024

April 18, 2024

Classic Songs Will Include “Crocodile Rock” and “Goodbye Yellow Brick Road” @centurycitywestwoodnews “Rocket Man” is coming soon to Santa Monica...