Plain English Breakdown
The bill has passed the Legislature but requires an appropriation (funding) from the Legislature before it can take effect.
Building Home Ownership for All Program
This law requires the State Treasurer to create a new program by January 1, 2027, that helps lower and moderate-income Californians buy homes if the Legislature provides funding.
What This Bill Does
- Requires the Treasurer to develop the Building Home Ownership for All Program with help from housing agencies and other stakeholders.
- Sets goals to expand home ownership access and build wealth by making it affordable for eligible residents.
- Establishes eligibility limits for people who can join the program and for homes in the program.
- Requires a review of how well the program works starting on January 1, 2028.
Who It Names or Affects
- Lower and moderate-income Californians who want to buy a home.
- The California State Treasurer.
- The California Housing Finance Agency.
- The Department of Housing and Community Development.
- The Legislative Analyst.
- The California Tax Allocation Committee.
Terms To Know
- Appropriation
- Money that the Legislature must officially set aside for a program to start.
- Legislative Analyst
- A state office required by this bill to review how well the program works.
Limits and Unknowns
- The program cannot begin until the Legislature provides funding.
- Specific details about income limits and housing rules are not listed in this summary text.
- All rules created by this bill end automatically on December 31, 2031.