California Housing Finance Agency Launches Loan Program for First Gen Home Buyers 

By Edward Henderson | California Black Media (CBM) – According to the California Association of Realtors 2023 buyer snapshot, 36% of homebuyers were first-time buyers. However, only 3% of homebuyers were African Americans. Nationally, as of last year, the home ownership rate for Black households was 45.9%. This figure is 28.6 percentage points lower than the rate for Whites, at 74.4%. Historically in America, homeownership has been one of the pillars for building generational wealth. That fact has led some advocates in California to argue that the alarmingly low home purchasing rates for Blacks signify a need to develop more programs and opportunities to expand access to home loans and down payments. To that end, the California Housing Finance Agency (CalHFA) is rolling out the California Dream for All Shared Appreciation Loan Program for qualified Californians. The program is specifically focused on including first-generation homebuyers in traditionally underserved communities. “There are so many people in California that have a good income, who have good jobs, credit, all that, but haven’t been able to save up for a down payment,” said Eric Johnson, Information Officer for CalHFA Marketing and Communications Division during a news briefing on the subject hosted by Ethnic...