The California Senate is on the verge of passing a bill that would grant criminal aliens access to taxpayer-funded, zero-down-payment home loans.
The bill, AB 1840, already passed the California Assembly and now, after making it through the California Senate Appropriations Committee, awaits a vote on the Senate floor.
The bill would specifically prevent the state’s California Dream for All Shared Appreciation Loans program from turning down applicants who are criminal aliens, according to The Center Square.
“This program allows applicants to secure ‘loans’ of up to 20% of the home’s purchase price — or, about what a typical down payment is — with zero down payment on this state loan, and no payments,” the site notes.
“The state’s ‘loan’ can potentially be repaid to the state when the home is refinanced, sold, or transferred, with the borrower paying back the original loan amount plus 20% of any increase in value on the property,” the site continues.
California Senate Appropriations has approved AB 1840.
Under this law, if you are an illegal immigrant in California, a home loan cannot be denied to you. And the loan must be at 0% APR and $0 down payment.
This is why home prices in California never fall. Only go up
— trader (@TicTocTick) August 23, 2024
What’s unclear is what would happen if a family decided to hold onto the home instead of selling it.
The bill is the brainchild of state Rep. Joaquin Arambula, a radical Democrat who thinks criminal aliens deserve the same rights as citizens.
“The social and economic benefits of homeownership should be available to everyone,” he previously said. “As such, the California Dream for All Program should be available to all.”
“When undocumented individuals are excluded from such programs, they miss out on a crucial method of securing financial security and personal stability for themselves and their families,” he added.
He doubled down in a more recent statement to local station KTLA.
“Let me be clear: anyone who meets the program’s criteria can apply for this loan program,” he said. “And, to qualify, you must secure a bank loan or mortgage. AB 1840 is about providing an opportunity for homeownership, which we know allows families to secure financial security and stability. The ability to do this strengthens local economies and benefits all people who call California home.”
California Republicans staunchly oppose the bill because they recognize that the costs will be endured by taxpaying citizens.
“California’s budget deficit continues to grow and Democratic lawmakers are so out of touch with everyday Californians that they are quite literally taking money away from law-abiding citizens, their own constituents, and handing it over as a free gift to people who broke federal law to cross the border illegally,” state Sen. Brian Dahle said in a statement.
“Once again, California has chosen to prioritize illegal immigration and fiscal irresponsibility over the needs of its citizens, all while facing a $60 billion deficit that will ultimately be passed onto taxpayers,” San Diego County Supervisor Jim Desmond added.
Desmond has been especially vocal about the bill on Twitter/X:
California is in dire financial straits, yet lawmakers continue to prioritize programs that incentivize illegal immigration and strain local resources. Expanding state-funded home loans to include illegal immigrants is not just another handout — it’s a massive overreach that…
— Supervisor Jim Desmond (@jim_desmond) August 19, 2024
Our state is already facing a housing crisis, and adding more strain through AB 1840 is not the approach. California cannot afford to continue rewarding illegal immigration while neglecting its fiscal responsibilities to its citizens. This bill will worsen the state’s deficit and…
— Supervisor Jim Desmond (@jim_desmond) August 16, 2024
Analysis from the Senate Appropriations Committee has determined that the bill’s passage and signing into law would create “unknown significant cost pressures, potentially in the millions annually, to provide additional funding for the Home Purchase Assistance Program to accommodate the expanded eligibility population.”
“This year, 18 thousand individuals applied for the $255 million ‘loan’ program through a lottery, leaving 1,700 lucky winners with up to $150,000 each towards down payment and closing costs,” The Center Square notes.
“President George W. Bush’s home down payment assistance program for less qualified individuals is widely blamed for fueling the housing bubble — by increasing housing prices and decreasing loan recipient quality — that led to the 2007-2008 global financial crisis.”
Writers and editors can be contacted at [email protected] with feedback, tips, or corrections.
V. Saxena is a staff writer with a decade of experience as a professional writer, and a lifetime of experience as an avid news junkie. He holds a degree in computer technology from Purdue University. Saxena also contributes to BizPac Review.
- ‘Walz did nothing’: GOP subpoenas Tim Walz over MASSIVE fraud operation that happened on his watch - September 6, 2024
- Stanley Black and Decker reportedly steeped in DEI, ESG and more, provides ‘training’ for employees - September 6, 2024
- Kellyanne Conway breaks down blueprint for Trump victory in detailed column - September 6, 2024
Comment
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.