Plain English Breakdown
The provided source material is an official bill summary and digest which describes what the bill would do if passed, but it does not contain information about whether the governor vetoed the bill or its final legislative status.
Reserving Home Loan Funds for Certified Descendants of Enslaved People
This bill would reserve at least 10% of the California Dream for All Fund for certified descendants of formerly enslaved people, but only if a specific bureau is created by another law before January 2027.
What This Bill Does
- Requires that at least 10% of money in the California Dream for All Fund be reserved for applicants who are certified as descendants of formerly enslaved people once a certification process exists.
- Makes this requirement dependent on SB 518 being passed and taking effect by January 1, 2027, to establish the Bureau for Descendants of American Slavery.
Who It Names or Affects
- Applicants who are certified as descendants of formerly enslaved people seeking loans under the California Dream for All Program.
- The California Housing Finance Agency and the State Treasury fund used by the program.
Terms To Know
- California Dream for All Fund
- A state treasury account set aside to pay for loans under the California Dream for All Program.
- Shared Appreciation Loan
- A type of loan provided by the program where borrowers may owe extra money later if their home value increases significantly.
- Bureau for Descendants of American Slavery
- An agency proposed in SB 518 that would create a process to certify descendants of enslaved people.
Limits and Unknowns
- The bill only works if SB 518 is passed and takes effect by January 1, 2027.
- The specific rules for certifying applicants are not in this text; they depend on the process created by the new bureau.