California's Senate Appropriations Committee has moved forward with a bill that would allow illegal aliens to access the state's zero-down, no-payment home loan program, a move raising concerns about significant cost pressures.
Key Details:
The bill, AB 1840, prevents the state's California Dream for All Shared Appreciation Loans program from denying applicants based on immigration status.
The program offers loans up to 20% of a home's purchase price with no down payment or monthly payments, repayable when the home is refinanced, sold, or transferred.
The expansion could create "significant cost pressures," with unknown costs potentially in the millions annually.