UPDATE: The California Housing Finance Agency (CalHFA) has just announced the reopening of applications for its transformative Dream For All program, offering up to $150,000 in down payment assistance for first-generation homebuyers. Applications will open on February 24, 2023, and close on March 16, 2023, making this an urgent opportunity for those struggling to afford the steep costs of homeownership.
The Dream For All program aims to assist families like that of Tiffany Duvernay-Smith, who transitioned from homelessness to becoming a proud homeowner. Duvernay-Smith shared, “I feel like I was the least likely person… But if there’s a house with your name on it, nothing can stop you.” Her story highlights the profound impact this program has on individuals facing systemic barriers to homeownership.
Under this initiative, eligible applicants can receive up to 20% of the home’s purchase price or appraised value, capped at $150,000. This shared appreciation loan structure allows CalHFA to reinvest funds when homes are sold, helping more Californians achieve their homeownership dreams. Governor Gavin Newsom has ensured that a minimum of 10% of the funds will specifically benefit applicants from historically disadvantaged communities, which have faced discriminatory barriers in the housing market.
In total, CalHFA expects to allocate between $150 million and $200 million in 2026 alone, aiming to assist 1,000 to 1,500 families. This funding is part of a broader $300 million budget allocation for the 2025–26 period, potentially supporting approximately 2,000 households.
“Black Californians continue to face some of the widest homeownership gaps in the state,” stated Regina Brown Wilson, Executive Director of California Black Media. “Programs like Dream For All are critical because they directly address the generational inequities that have long shut our community out of the housing market.”
CalHFA officials emphasized that there are many individuals in California with steady incomes who struggle to save for down payments. “Dream For All is designed to address this gap,” said Eric Johnson, CalHFA’s information officer. “So far, we’ve helped about 3,000 Californians buy their first home.”
Eligibility is focused on first-generation homebuyers—those who haven’t owned a home in the past seven years. The program also automatically considers foster youth as first-generation buyers, further expanding access to those in need. Income limits vary by county, with maximum thresholds ranging from $148,000 in rural areas to $309,000 in high-cost regions like Santa Clara.
Applicants are required to work with CalHFA-approved lenders and provide standard documentation, including government-issued IDs. Interested homebuyers are encouraged to prepare early by getting pre-approved and organizing necessary paperwork.
Duvernay-Smith’s experience serves as inspiration; she initially hesitated but ultimately applied just days before the deadline and was selected through the program’s random lottery. “There is a lot of fear… But just take a step. It’s possible,” she urged.
Experts stress that community awareness is crucial. Many potential Black homeowners are still unaware of the resources available to them. “We have to get the word out so people can take advantage of this opportunity to build wealth,” noted Shonta Clark, a CalHFA program educator.
The Dream For All program is not only a lifeline for individual families but also an economic boon for California. Studies indicate that shared appreciation loans can save families an average of $1,200 per month on mortgage payments, allowing for greater financial flexibility and stability.
CalHFA continues to encourage hopeful applicants to remain optimistic, despite the challenges posed by high-interest rates and home prices. “Believe in yourself and know that homeownership is meant for you,” Johnson concluded.
As the application window approaches, this program represents a crucial opportunity for countless Californians striving to turn their dreams of homeownership into reality. Don’t miss out on this chance to secure your future!