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Politics : Formerly About Advanced Micro Devices
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Rarebird
To: Rarebird who wrote (1480106)8/22/2024 4:53:55 PM
From: Qone01 Recommendation   of 1583506
 
Doubtful, the fund is limited it's not a never ending thing. Twitter does that, twists things.

Arambula didn’t respond to HousingWire’s request for comment. Newsom didn’t respond to a request for comment on whether he would sign the legislation.

When applications opened in May 2023 for the $300 million program — which offered interest-free loans to about 2,300 middle- and lower-income buyers — the fund ran out in less than two weeks, the Los Angeles Times reported.

State lawmakers had set aside $500 million for the program as part of the 2022-23 budget. But a looming fiscal shortfall led Gov. Gavin Newsom to propose a 40% cut, so when CalHFA launched the program late last month, it was allocated only $300 million and expected to assist about 2,300 home buyers.

More funds will be available to the program at some point, said Kathy Phillips, CalHFA’s director of communications. “However, we cannot predict whether that will be in the coming months with an additional allocation [from the state budget], or in the coming years as repayments of these original loans come back to be recycled to help additional households,” Phillips said.

She emphasized, “The program was designed to recycle [money for loans]; however, that will not begin until these loans are repaid.”

Much to do about nothing.
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