Gavin Newsom's Veto on Home Mortgage Aid Bill for Undocumented Immigrants
Gavin Newsom Vetoes Home Mortgage Aid Bill
Gavin Newsom vetoed a controversial bill that intended to aid undocumented immigrants in California with home mortgages. This decision was made on Friday morning, as Gov. Newsom cited limitations in the program’s existing budget.
Assembly Bill 1840 Details
Introduced by Assemblymember Joaquin Arambula (D-Fresno), Assembly Bill 1840 would have permitted undocumented immigrants to apply for the California Dream for All Shared Appreciation Loans program alongside other qualified candidates. This program offers interest-free loans of up to $150,000 to low-income, first-time buyers for down payments and fees.
Program Funding Overview
- The program started with $300 million in taxpayer funding.
- It financed nearly 2,200 loans as reported by the California Housing Finance Agency (CalHFA).
- An additional $225 million was allocated by the Legislature, aiding about 1,700 more applicants.
This veto illustrates California's ongoing housing challenges and the complex interplay of budgetary constraints and immigration policies.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.