This is downright crazy.
Democratic assemblyman Joaquin Arambula of California put forth Assembly Bill 1840 earlier this year, aiming to establish an alternative route for undocumented immigrants to access homeownership.
The proposed bill aims to broaden the eligibility criteria for a state loan program, extending it to encompass undocumented individuals who are prospective first-time homebuyers. Arambula stressed the necessity of addressing the uncertainty faced by undocumented individuals, despite meeting existing qualifications such as possessing a qualified mortgage.
At the core of the legislation lies the California Dream for All Shared Appreciation Loans program, inaugurated in the spring of 2023. This program extends offers to qualifying first-time homebuyers a loan that covers up to 20% of a property’s purchase price, with no accumulation of interest or obligatory monthly payments. Instead, borrowers are obliged to reimburse the original loan amount alongside 20% of the property’s value increment upon mortgage refinancing or resale.
Initially designed to furnish shared appreciation loans to low and middle-income citizens, Bill 1840, introduced on January 16th, would extend eligibility to include undocumented immigrants under Arambula’s revised proposal.
Reports from the LA Times indicate that the California loan program received 2,300 applications in under two weeks last year before temporarily halting applications, opting to replace the first-come, first-served basis with a lottery system.
As the migrant crisis persists, concerns escalate nationwide, straining available resources in various states. The recent introduction and subsequent failure of the Senate border bill underscore the urgency of addressing border security. During a recent visit to the border, President Biden emphasized the importance of bipartisan border security measures, underscoring fairness for those with legitimate reasons to enter the country.
Brandon Judd, President of the National Border Patrol Council, expressed frustration over the lack of effective policies to address the ongoing crisis. Border patrol agents, he noted, are hindered in their efforts to protect human life and uphold the law due to the policies enacted by the Biden administration, which are perceived as encouraging illegal border crossings.