“California’s Dream for All Program Offers Hope for San Diegans Struggling to Afford Homes”

San Diegans Struggle to Afford Homes, Turn to State Program for Help

The dream of owning a home in San Diego seems out of reach for many residents, especially young families like Maria Garcia’s. Despite saving diligently for four years, Garcia still finds herself priced out of the market, unable to afford even the smallest homes in the area she desires.

“It’s stressful,” Garcia said. “I feel like my dream just gets further and further away.”

Helen Garcia, a skilled nurse in San Diego, shares a similar sentiment. Despite her best efforts to save, she finds it impossible to cover the down payment for a home.

To address the housing affordability crisis, the state of California has introduced the Dreams for All program, which provides $250 million in down payment assistance to first-time buyers. The program, now in its second year, aims to help more Californians achieve the American dream of homeownership.

Eric Johnson, spokesperson for the California Housing Finance Agency, explained how the program works: eligible buyers can receive a loan of up to 20% of the purchase price of a home, which is paid back to the state when the home is sold.

This year, the program has some changes, including limiting eligibility to first-generation homebuyers and selecting recipients through a lottery drawing. Between 1,700-2,000 lucky applicants will be chosen, each eligible for a maximum loan of $150,000.

Both Maria and Helen are considering applying for the Dreams for All program, recognizing it as a potential solution to their housing struggles.

“I want to leave something for my kids so they don’t have to struggle like I did,” Maria said.

Homebuyers have until April to submit their applications for the lottery, with loan vouchers set to be awarded in May. For more information on the program, visit the California Housing Finance Agency website.