Everything for aliens, nothing for actual citizens.
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.
In other words, all the free money going into the housing market -- for illegal aliens -- will drive up prices for the disfavored group: US citizens. The illegals will do fine because the huge subsidies will offset the inflationary effect on prices, but people not receiving the subsidies will just get hit by housing inflation.
According to Just the News, California's Senate Appropriations Committee has advanced a controversial bill aimed at expanding the state's zero-down, no-payment home loan program to illegal aliens. The legislation, known as AB 1840, authored by Assembly member Joaquin Arambula (D-Fresno), seeks to make the California Dream for All Shared Appreciation Loans program accessible to all residents, regardless of immigration status.
Actually, the subsidies do depend on immigration status: US citizens need not apply.
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The program currently allows eligible applicants to receive a state-backed loan covering up to 20% of the home's purchase price--essentially the typical down payment--without requiring any down payment or monthly payments. Borrowers are expected to repay the original loan amount plus 20% of any increase in property value when the home is refinanced, sold, or transferred.
However, critics are raising alarms about the financial impact of this expansion. The Appropriations Committee's analysis highlighted "unknown significant cost pressures" that could reach into the millions annually to fund the program's broader eligibility.
The expansion comes amid an already strained housing market in California, where the median home price hovers near $1 million. The high cost of housing means that the typical household needs an income of over $200,000 to afford a home--more than three times the median household income in the state.
Say, didn't we try giving free houses -- no down payment, no job, no income -- to poor people who could not possibly pay the mortgage costs before?
And didn't that collapse the entire world economy?
Now we're adding a NC to NINJA -- No income, no job, no citizenship.
This development recalls the home down payment assistance programs from the George W. Bush administration, which have been widely criticized for contributing to the 2007-2008 global financial crisis by inflating housing prices and lowering loan recipient quality. Critics warn that expanding California's program to undocumented immigrants could exacerbate existing housing market pressures, making it harder for all residents to afford homes.
Meanwhile, in communist Oregon, a taxpayer funded corporation is giving away $30,000 in free subsidies for buying a home.
But, again -- only if you're an illegal alien.
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Hacienda Community Development Corp. is participating in a taxpayer-funded down payment assistance program that gives money to non-citizens to buy homes in Oregon while excluding American citizens from eligibility, according to records provided to the Daily Caller.
Hacienda CDC is reportedly offering $30,000 for down payment assistance for eligible new homebuyers through their Camino a Casa program, according to a screenshot first reported by X user Oregon Citizen. "Clients work closely with financial coaches and HUD-certified housing counselors throughout the entirety of the homebuying process. In addition to mortgage readiness and financial fitness workshops, we provide various opportunities for down-payment assistance," the organization states.
The eligibility requirements include being a non-citizen. Republican Oregon state Rep. Ed Diehl told the Daily Caller he received confirmation from Business Oregon that Hacienda CDC is using these funds for non-citizens while excluding American citizens.
"American citizens in Oregon are struggling to find and buy a home. We have a severe housing shortage in this state. I am appalled that the hard-earned, limited tax dollars of Oregonians are being used to prioritize home ownership for certain non-US citizens. Oregon can't end this state-sponsored discrimination soon enough," Diehl told the Daily Caller.