(DailyAnswer.org) – A bill proposed by Democratic assemblyman Joaquin Arambula would allow illegal immigrants to apply for first-time buyer loans. Assembly Bill 1840, introduced in January 2024, would provide an alternative route for illegal immigrants to obtain home ownership.
The bill expanded on eligibility criteria for the state loan program to ensure that migrants are included as first-time buyers. Arambula’s update states that applicants will not be disqualified based “solely” on their immigration status. The bill aims to give low and middle-income citizens access to shared appreciation loans. Arambula argued that ambiguity around the eligibility of undocumented migrants for mortgages underscored the need for new legislation.
The California Dream for All Shared Appreciation Loans program was launched in March 2023 by the California Housing Finance Agency. The program offered eligible first-time home buyers a loan of up to 20% of the purchase price of a house. Instead of accruing interest or requiring monthly payments, the plan requires the borrower to pay back the original loan amount plus 20% of the increase in the property’s value if the house is put up for sale or the mortgage is refinanced.
Biotech entrepreneur Houman David Hemmati, MD, PhD, commented on X that it was ridiculous for a state with a $73 billion deficit to grant each illegal immigrant free health insurance and mortgages with zero interest. Hemmati raised concerns about the state’s increasing debt and joked that the state’s migrants could soon be receiving a free Tesla or a prepaid debit card as migrants have done in New York City. The program also introduced a change to the income eligibility threshold, which was reduced from 150% of a county’s median area to 120%. This means that applicants have to earn less than the annual threshold to be eligible. The income threshold in Los Angeles County is $155,000
Arambula said in a statement sent to Fox News that anyone who met the criteria could apply for the program and that to qualify, they needed to secure a bank loan or mortgage. The congressman claimed that the change would strengthen the local economy and benefit all who call California their home.
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