A new loan program from Cal HFA will be coming in early 2023, the "Dream for All Shared Appreciation Loan Program". I attended this first listening session and submitted a public comment asking that co-buyers purchasing multi-unit properties be eligible for the new program. Many CalHFA loan programs are only offered to single-family homes or condos and limit multi-units.
How will the program work? Description from the presentation deck:
"A revolving, shared appreciation loan program that provides loans for a down payment. Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home.
Simple Example: Dream for All fund provides a loan for 20% of the home purchase
price. The homeowner pays back the original loan amount plus 20% of
any appreciation in the value of the home"
The program is currently in design phase and should be rolled out to lenders and borrowers in early 2023. Check this Cal HFA site for updates.
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