California faces an unprecedented gap in access to housing that is affordable, particularly for ownership, and accessing homeownership and making a large down payment is often even more difficult for low-income communities and communities of color.

This report provides a design framework for the California Dream for All, a proposed shared appreciation loan investment fund for the state of California. The Program is not a housing subsidy program, but rather a way for the state to invest its budget surplus into a revolving investment fund, called the CA Dream Fund.

This fund allows the state to invest alongside first-time homebuyers so that they can afford to purchase a home anywhere in California.

The State Treasurer’s Office and CA FWD — in partnership with California Community Builders, along with real estate and municipal advisors HR&A Advisors and CSG Advisors — developed the California Dream for All homeownership program, which was included in the legislative budget by Senate Pro Tem Toni Atkins.