California's $250 Million 'Dream For All' Program Shells Out $150K In First-Time Homebuyer Funds Despite State's $73 Billion Deficit

Benzinga04-26

With the median single-family home in California selling for nearly $860,000 in 2023 — more than double the national median — prospective first-time homebuyers are having a tough time breaking into ...

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This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.Unlock Real Wealth with Cityfunds’ Exclusive 8% Yield Fund.Dream for All is run by the California Housing Finance Agency, with the agency using a lottery system to give between 1,700 and 2,000 prospective first-time buyers up to $150,000 to purchase homes.\"When they repay this, this is going back into ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4504":"桥水持仓","LEN":"莱纳建筑公司","BK4588":"碎股","BK4135":"资产管理与托管银行","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","BK4088":"住宅建筑","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4561":"索罗斯持仓","DHI":"霍顿房屋","STT":"道富银行","BK4585":"ETF&股票定投概念","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC"},"translate_title":"加州2.5亿美元的“梦想为所有人”计划支付了15万美元的首次购房者资金，尽管该州有730亿美元的赤字","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LEN":1,"STT":1,"DHI":0.9},"content_text":"With the median single-family home in California selling for nearly $860,000 in 2023 — more than double the national median — prospective first-time homebuyers are having a tough time breaking into the state's expensive real estate market.\nMortgage rates topping 7%, combined with persistent inflation pushing off expected Federal Reserve rate cuts, make affordability even more challenging. \nCalifornia allocated $250 million to relaunch its Dream for All program, which seeks to make housing more equitable for first-time homebuyers.\nDon't Miss:\n\nInvesting in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.\nWant To Grow Your Wealth Passively? Unlock Real Wealth with Cityfunds’ Exclusive 8% Yield Fund.\n\nDream for All is run by the California Housing Finance Agency, with the agency using a lottery system to give between 1,700 and 2,000 prospective first-time buyers up to $150,000 to purchase homes.\nThe catch is that the money is a loan that must be paid back along with a share of the home's price appreciation when it's sold if there is any.\n\"When they repay this, this is going back into the program, and it’s going to allow someone else to take advantage,\" California real estate agent Sarah Moore said.\nIn addition to homebuyers being potential beneficiaries of the program, it could also provide a runway for homebuilders who need to keep adding supply to fill the nation's demand for affordable housing units.\nTrending\n\nWant to Create a Passive Income Stream? These High-Yield Real Estate Notes Might Be Your Holy Grail\n\nHomebuilders such as Lennar Corp. (NYSE:LEN) and D.R. Horton Inc. (NYSE:DHI) have seen their shares soar around 52% and 54%, respectively, over the past year as the nation deals with a housing shortage.\nWhile the Dream for All program provides loans, it comes at a time when California continues to run a massive budget deficit.\nThe nonpartisan Legislative Analyst's Office in February updated its estimate of California's deficit to as high as $73 billion.\nWhether the government's intervention in an unaffordable housing market for most prospective first-time homebuyers in California proves effective in the long term remains to be seen, but for the winners of the lottery, it might end up being their only choice to afford to own property in the high-cost state.\nRead Next:\n\nElon Musk Is Bullish On Austin. Here’s How To Invest In The City’s Growth Before He Floods It With New Tech Workers.\nWhole Foods’ Landlord Has Achieved A 15% Net IRR For Accredited Investors Since 2015 — Discover The Latest Investment Opportunities On Its Platform.\n\n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nGet the latest stock analysis from Benzinga?\n\nLENNAR (LEN): Free Stock Analysis Report\nD.R. HORTON (DHI): Free Stock Analysis Report\n\nThis article California's $250 Million 'Dream For All' Program Shells Out $150K In First-Time Homebuyer Funds Despite State's $73 Billion Deficit originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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