AB 2387: California Dream for All Program: first-generation homebuyers.

The bill aims to expand the California Dream for All program to provide assistance to first-generation homebuyers. The program will offer shared appreciation loans to qualified first-time homebuyers, with a priority on those purchasing homes built using state funding. The assistance will be expedited for first-generation homebuyers in moderate-density areas. To distribute these funds, a new credit-enhancement and guarantee fund will be established. This fund will align with government-sponsored enterprise pilot programs focused on expanding access to credit for first-generation borrowers. Additionally, the bill will require the agency to explore opportunities for first-generation homebuyers to use the expanded program as down payment assistance for small-plex or accessory dwelling unit ready properties.