Written by Nick Veronin
After opening to the public less than two weeks ago, the California Housing Finance Agency announced that its new $300 million down payment assistance program will be paused, and all funds will be fully allocated to participating homebuyers as early as Monday.
“CalHFA anticipates that all funds currently available for the Dream for All Shared Appreciation Loan could be fully committed as soon as April 10, 2023,” an April 6 press release from the California Housing Finance Agency said.
The California Dream for All Shared Appreciation Loan, introduced to help first-time homebuyers put a down payment on a house, went live on March 27. Qualified applicants who are accepted to the program in time will receive interest-free loans to be used to make up to a 20% down payment on a house. The funds can also be used to cover closing costs.
But the program’s funding appears to have already been hoovered up in a mad dash to capitalize on the offer. The state’s Housing Finance Agency said that interested applicants hoping to get in on the program must lock in their Dream for All loans by April 12 at 3 p.m.
The California Housing Finance Agency could not be reached for comment.
Continue reading at https://sfstandard.com/housing-development/state-pauses-300m-homebuying-assistance-program-less-than-2-weeks-after-launch/
Nick Veronin can be reached at [email protected]
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