Home Purchase Assistance Program: descendants of formerly enslaved people.

Assembly Member McKinnor's proposal to modify California's Dream for All Program would reserve 10% of program funds for descendants of formerly enslaved people once a verification agency is established. The bill amends the state's home purchase assistance initiative, which currently provides shared appreciation loans to first-time homebuyers from low- and moderate-income households.

The legislation requires creating an agency to verify applicant eligibility as descendants of formerly enslaved people. This new entity would establish criteria including specific historical periods during which an applicant's ancestors were subjected to enslavement within the United States. Applicants must meet both the program's existing income requirements and the new descent verification standards to access the designated funds.

The measure maintains the Dream for All Program's core framework of providing shared appreciation loans while adding this new allocation requirement. The program continues its existing mandates to expand homeownership access, support household wealth building, and maximize the number of families assisted over time through methods such as selling subordinate mortgages to generate additional funding. All loan repayments would still return to the fund for ongoing use in the program.