June 26, 2025 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

California’s Home Loan Program Implements Lottery System for Equity in Distribution

Changes to Shared Appreciation Loan Program Aim to Increase Accessibility

By Keemia Zhang

The California Dream For All Shared Appreciation loan program is set to relaunch with new changes in order to reach more and diverse potential buyers. 

The program, which helps low-income Californians acquire no-interest, no-monthly-payment loans, ran out of its almost $300 million budget 11 days after its launch with 2,1000 loans. 20% of the loans went to Sacramento County residents, with just 9% going to Los Angeles home buyers. 

Following reports that select recipients were already in advanced stages of the home-buying process and likely could afford homes by themselves, The California Housing Finance Agency (CalHFA) will now offer loans to qualified applicants based on a lottery system.

Eligibility changes implemented into the program include a new income limit – now 120% of the Area Median Income – and the requirement that potential home-buyers must not have parents who own homes as well. The loans cover down payment and closing costs on first homes, offering a maximum of either $150,000 or 20% of the home’s price, depending on which is a lesser value. 

​​Eric Johnson, a spokesperson for CalHFA, stated that the agency “wants to ensure that this round of funding is distributed as equitably as possible and to make sure that there is plenty of time for potential homebuyers to learn about the program, work with a mortgage professional, and submit their applications.”

The lottery runs from early April to May and will select 1,700-2,000 recipients to receive a loan voucher. Vouchers will be set aside for each of the state’s regions, consistent with the amount of home-buyers in each area. Borrowers whose incomes are 80% or less of the area median income pay a lesser percentage of the value increase. The state loan has no mandated payments until the home is refinanced, sold, or has paid off a first mortgage.  

Successful recipients of the program repay their original down payment without interest, as well as part of the property’s appreciated value if they decide to sell.

Related Posts

Brentwood Home by Landry Design Group Wins Top National Architecture Award

June 25, 2025

June 25, 2025

Landry Design Group Wins Gold Nugget Awards for Brentwood, Crestwood Projects Landry Design Group (LDG) earned two top honors at...

(Video) WISE & Healthy Aging Helps Loved Ones Boost Their Quality of Life

June 24, 2025

June 24, 2025

See How the Nonprofit’s Innovative Programs Advance the Dignity of Life for Older Adults See How the Nonprofit’s Innovative Programs...

Masked Federal Agents Detain Iranian Asylum Seeker and Wife in Westwood

June 24, 2025

June 24, 2025

31-Year-Old Woman was Hospitalized After Possible Medical Emergency On Tuesday, June 24, between 11:00 a.m. and 11:30 a.m., near the...

Culver City Pride Rolls In with Sunset Ride and Rally June 28

June 24, 2025

June 24, 2025

Celebrate With a 6-Mile Pride Ride and Free Block Party Culver City will mark its fifth annual Pride celebration on...

Los Angeles Leaders Push to Ban Masks for Federal Agents Amid Immigration Raids

June 24, 2025

June 24, 2025

Concerns Grow Over Anonymous ICE and CBP Officers in Los Angeles   A growing coalition of California lawmakers and local leaders...

Squatter-Plagued Beverly Grove Buildings Could Be Razed After Hazard Cleanup

June 24, 2025

June 24, 2025

Demolition of Three Abandoned Apartments May Begin in Two Weeks Three abandoned apartment buildings in Beverly Grove may soon be...

From Westwood to DTLA, Angelenos March Against Military Escalation in Iran

June 23, 2025

June 23, 2025

Protestors Rally at the Westwood Federal Building This Weekend Following President Donald Trump’s authorization of airstrikes on three Iranian nuclear-related...

Overnight Traffic Stops in Culver City Lead to Felony Arrests, DUI Bust

June 23, 2025

June 23, 2025

Culver City Police Nab Suspects Wanted for Burglary and Identity Theft Culver City police officers arrested three individuals in separate...

LAPD Sergeant Killed Assisting Crash Victims on 405 Freeway in Brentwood

June 23, 2025

June 23, 2025

Tragic Early-Morning Collision Claims Two Lives, Including Veteran Sergeant Two people, including an LAPD sergeant, were killed early Monday in...

Recent Homebuyer Down Payments Slip for First Time in Nearly Two Years

June 23, 2025

June 23, 2025

April’s Median Down Payment Fell as Buyers Lean Toward Lower-Cost Homes The median down payment made by U.S. homebuyers dropped...

Del Rey Affordable Housing Project to Rise on Former Charter School Site

June 23, 2025

June 23, 2025

Community Corp., Local Faith Group Team Up to Build 122 New Apartments Plans are moving forward for a new residential...

Paris Hilton Buys Mark Wahlberg’s Beverly Park Mansion for $63.1M

June 22, 2025

June 22, 2025

The Heiress and Media Mogul Joins a Star-Studded Neighborhood Paris Hilton and husband Carter Reum have purchased a high-profile estate...

A.O.C. Brentwood to Close After 16 Years on San Vicente Boulevard

June 22, 2025

June 22, 2025

Chef Goin and Styne Cite Unsustainably High Rent in Decision to Close  A.O.C. Brentwood, the acclaimed Westside outpost from James...

LA City Councilwomen Yaroslavsky and Jurado Call for Legal Action Against Federal Immigration Raids

June 21, 2025

June 21, 2025

City Motion Targets Alleged Unconstitutional Tactics, End Qualified Immunity for Fed Officers  City Councilmembers Katy Yaroslavsky and Ysabel Jurado introduced...

Weekend Lane Closures on PCH in Malibu Could Snarl Summer Beach Traffic

June 21, 2025

June 21, 2025

Army Corps Work Triggers Weekend Closure on Pacific Coast Highway Motorists traveling along Pacific Coast Highway this weekend should prepare...