HSC §51521: The Legislature finds and declares all of the following: (a) Housing prices in California have risen dramatically in all parts of the state in the past decade, while the wealth gap, especially the rac

The Legislature finds and declares all of the following: (a) Housing prices in California have risen dramatically in all parts of the state in the past decade, while the wealth gap, especially the racial wealth gap, continues to be a growing problem in California. (b) Households who cannot afford a large down payment to offset the higher prices are increasingly locked out of homeownership. This disproportionately locks out first-time and first-generation homebuyers. This is particularly true for households of color who have faced decades of systemic racial barriers. (c) Thriving in the middle class and building generational wealth, the California dream, starts with homeownership. (d) Therefore, the California Dream for All Program is enacted to establish a revolving, shared appreciation model to make homeownership more attainable for eligible low- and moderate-income first-time homebuyers. (e) In a typical example, the program could provide 20 percent toward the purchase price and the homebuyer would finance the remaining 80 percent with a traditional mortgage. This would result in the first-time homebuyer purchasing the home with a low downpayment, while also lowering monthly mortgage payments by more than thirty percent compared with existing traditional low downpayment programs, a savings of more than $12,000 per year. Once the house is resold or refinanced, the program would be reimbursed for the 20 percent share, and the proceeds would revolve through the program to support additional first-time homebuyers.