California Dream for All Program: descendants of formerly enslaved people.

Assembly Member McKinnor's proposal to amend the California Dream for All Program would reserve at least 10% of program funds for certified descendants of formerly enslaved people who meet existing loan qualification requirements. The California Dream for All Program currently provides shared appreciation loans to qualified first-time homebuyers with low and moderate incomes to purchase owner-occupied homes.

The amendment's implementation depends on the establishment of a certification process by the Bureau for Descendants of American Slavery, which would be created through separate legislation (SB 518) that must be enacted by January 2026. The California Housing Finance Agency would continue administering the program under its existing framework of policies aimed at expanding homeownership access, facilitating wealth building for California households, and maintaining program sustainability through loan sales and repayment structures.

The program's core elements remain unchanged, including the provision of shared appreciation loans in conjunction with agency-provided first mortgage financing, interest rate reductions, and closing cost assistance. All loan repayments continue to return to the fund for ongoing program use, with the goal of eventually providing up to $1 billion annually for first-time homebuyers.