California Wants To Reward Illegal Aliens With Zero Down, No Payment Home Loans

There is an interesting tidbit in there, that you supposedly don’t pay this money back until you refinance, sell or transfer, with the possibility that if your family holds onto the property it might never get paid back. The caveat of the 20% loan is that when sold you pay back the amount along with 20% of the increase in value of the property. It’s like they are trying to profit off the mismanagement of housing in the state as prices rise astronomically, while the program keeps housing prices rising. Consequently, it might even be a ploy to limit people building up wealth and fleeing the state without giving the state government their cut. I’d be leery of having the State of California being a lienholder of my property, as they could change the terms or demand repayment as they’re a lawless bunch. Also, are taxpayers robbed if the property goes to foreclosure and they don’t get full repayment?

https://www.zerohedge.com/political/california-proposes-reward-illegal-aliens-zero-down-no-payment-home-loans


By Tyler Durden

Progressive lawmakers in California have pushed forward a bill that prioritizes illegal aliens over veterans and hardworking citizens by offering them zero down payment loans through the state’s first-time homebuyer program. This outrageous legislation is a slap in the face to California’s citizens, who are already struggling under failed Bidenomics, which has triggered an inflation storm nationwide.

Self-proclaimed liberals and far-left Democrats are ‘weirdly’ obsessed with prioritizing illegal aliens over citizens. The latest example of this absurdity is a bill that the California Senate Appropriations Committee recently advanced to allow illegal aliens to tap into the state’s zero down, no payment home loan program.

“The social and economic benefits of homeownership should be available to everyone. As such, the California Dream for All Program should be available to all,” wrote Assemblymember Joaquin Arambula, D-Fresno, who is the lead author of Assembly Bill 1840.

Arambula said, “When undocumented individuals are excluded from such programs, they miss out on a crucial method of securing financial security and personal stability for themselves and their families.”

What the leftist lawmaker fails to understand is that there are thousands of Californians, some of which are veterans, working poor, and just folks down on their luck, who have been neglected, forgotten, and rejected and could desperately use lifelines. Yet, progressives in the state would instead hand out taxpayer funds to illegal aliens (or their future voters) instead of their constituents first.

Here’s more about the bill from Just The News:

AB 1840, which already passed the Assembly and now faces a floor vote in the Senate, would prevent the state’s California Dream for All Shared Appreciation Loans program from denying individuals on the basis of their immigration status. This program allows applicants to secure “loans” of up to 20% of the home’s purchase price — or, about what a typical down payment is — with zero down payment on this state loan, and no payments.

The state’s “loan” can potentially be repaid to the state when the home is refinanced, sold, or transferred, with the borrower paying back the original loan amount plus 20% of any increase in value on the property. It’s not clear what happens if a family decides to hold on to a home as there are no provisions on how long a property can be held for, which means certain kinds of trusts could potentially allow the loan to not be paid back.

State Sen. Briah Dahle, R-Bieber, called AB 1840 “an insult to California citizens who are being left behind and priced out of homeownership,” adding, I’m all for helping first-time homebuyers, but give priority to those who are here in our state legally.”

“Our state is already facing a housing crisis, and adding more strain through AB 1840 is not the approach,” San Diego County Supervisor Jim Desmond wrote on X. 

Desmond warned, “California cannot afford to continue rewarding illegal immigration while neglecting its fiscal responsibilities to its citizens. This bill will worsen the state’s deficit and increase the tax burden on hardworking Californians.” 

He noted, “This bill now moves to the Senate floor which has one last chance to stop this reckless legislation before it reaches Newsom’s desk.”

Our state is already facing a housing crisis, and adding more strain through AB 1840 is not the approach. California cannot afford to continue rewarding illegal immigration while neglecting its fiscal responsibilities to its citizens. This bill will worsen the state’s deficit and… — Supervisor Jim Desmond (@jim_desmond) August 16, 2024

Here’s what X users are saying…

American citizens, especially ADOS, shouldn’t have to compete w/ non-citizens for resources or wealth-building opportunities offered from our federal &/or state governments.

“AB 1840, which already passed the Assembly and now faces a floor vote in the Senate, would prevent the… pic.twitter.com/puSxuQV4Go — The D Stands for Discernment (@PerfectUrPurpos) August 21, 2024

Why is nobody covering AB 1840?? I Jim Desmond is the only good politician in this state. All local media never covers this crap. pic.twitter.com/xfVE0i3PvX — Melvin (@frohike4scully) August 16, 2024

We all remember how down payment assistance programs under President George W. Bush contributed to the housing bubble in the mid-2000s, ultimately leading to the unraveling of the Global Financial Crisis meltdown.