California Dream For All: A Proposed Shared Appreciation Loan Investment Fund For The State Of California

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.