California Dream for All Program: first-generation homebuyers.

Plain English Breakdown

The bill summary does not provide specific details about how much money will be available for the new fund or when the expanded program will start helping first-generation homebuyers.

California Dream for All Program: Help for First-Time Home Buyers

This law expands the California Dream for All Program to provide more assistance to first-generation homebuyers, especially those purchasing homes built with state funding and in moderate-density areas.

What This Bill Does

• Expands the California Dream for All Program to give more help to first-generation homebuyers.
• Prioritizes assistance for first-generation buyers purchasing homes built using state funding.
• Speeds up approval for first-generation buyers buying homes in moderate-density areas.
• Creates a new fund called Credit-Enhancement and Guarantee Fund to support first-generation borrowers.
• Aligns with government programs focused on helping first-generation homebuyers get loans.

Who It Names or Affects

• First-generation homebuyers who want to buy their first homes in California.
• The California Housing Finance Agency, which administers the program.

Terms To Know

first-generation homebuyer

A person buying a home for the first time and whose parents did not own a home when they were growing up.

moderate-density area

An area with a mix of houses, apartments, and other buildings that allows people to live closer together but still have some space around them.

Limits and Unknowns

• The bill does not specify how much money will be available for the new fund.
• It is unclear when exactly the expanded program will start helping first-generation homebuyers.

Official Summary Text

AB 2387, as introduced, Alvarez.
California Dream for All Program: first-generation homebuyers.
Existing law establishes the California Housing Finance Agency in the Business, Consumer Services, and Housing Agency, and, as of July 1, 2026, transfers the agency to the California Housing and Homelessness Agency created pursuant to the Governor’s Reorganization Plan No. 1 of 2025, as provided. Existing law authorizes the agency to, among other things, make loans to finance affordable housing, including residential structures, housing developments, multifamily rental housing, special needs housing, and other forms of housing, as specified. Existing law establishes the California Dream for All Program, administered by the agency subject to the availability of funds, to provide shared appreciation loans, as defined, to qualified first-time homebuyers. Existing law limits the program to providing assistance to low- and moderate-income homebuyers in the purchase of owner-occupied homes.
Existing law establishes the California Dream for All Fund, and continuously appropriates moneys in that fund for the purposes of the program, as prescribed.
This bill would require the agency to expand the California Dream for All Program to provide additional assistance, as specified, to first-generation homebuyers, as defined. The bill would require the agency to prioritize this assistance to first-generation homebuyers purchasing homes built using specified state funding, and to expedite approval of that assistance for a first-generation homebuyer purchasing a home located in a moderate-density area, as provided. By expanding the purposes for which money in the California Dream for All Fund may be used, the bill would make an appropriation. The bill would additionally establish the Credit-Enhancement and Guarantee Fund for the purpose of distributing this assistance to specified first-generation homebuyers and would, upon appropriation, require the agency to
align the distribution of funds with relevant government-sponsored enterprise pilot programs, as defined, focused on expanding access to credit for first-generation borrowers.
Existing law requires the agency to convene a working group to develop recommendations to assist homeowners in qualifying for loans to construct accessory dwelling units and junior accessory dwelling units on their property and to increase access to capital for homeowners interested in building accessory dwelling units.
This bill would require that working group to explore opportunities for first-generation homebuyers to use funds from the expanded California Dream for All Program as down payment assistance for small-plex or accessory dwelling unit ready properties.

Current Bill Text

Download Bill PDF