California Governor Gavin Newsom (D) on Friday vetoed a bill that would have allowed illegal aliens to buy homes with zero down payment and pay zero interest.
Democrat assemblymember Joaquin Arambula (Fresno) recently introduced Assembly Bill 1840 to extend a first-time homebuyer loan program to illegal aliens.
California Democrat state senators last Tuesday overwhelmingly voted to pass a bill that would give illegal aliens $150,000 interest-free home mortgage loans.
If Newsom signed the bill, illegal aliens would be eligible for a new program that offers a loan worth 20% of the purchase price of the residential property. There are no monthly payments and no interest accrues on the loan. Rather, the loan is paid back when the borrower refinances or sells the property. The borrower will have to pay back the original loan plus a 20% increase in the value of the property.
After the California Senate advanced the bill allowing illegal aliens to apply for the state’s first-time homebuyer’s program, the California Department of Finance confirmed the program has no money to give.
UPDATE: After the CA Senate advanced bill allowing undocumented immigrants to apply for state’s first-time homebuyer’s program, the CA Department of Finance confirms the program has no money to give.
Lawmakers didn’t appropriate funds for it this year.https://t.co/awIV0mNo8X
— Ashley Zavala (@ZavalaA) August 27, 2024
The mortgage loan program for illegal aliens wasn’t given any new money after the state budget was agreed to in June.
Governor Newsom vetoed the bill because of a lack of funds.
“I am returning Assembly Bill 1840 without my signature,” Newsom wrote in his veto message to the members of the California State Assembly.
“This bill seeks to prohibit the disqualification of applicants from one of California Housing Finance Agency’s (CalHFA) home purchase assistance programs based solely on their immigration status,” Newsom wrote.
“Given the finite funding available for CalHFA programs, expanding program eligibility must be carefully considered within the broader context of the annual state budget to ensure we manage our resources effectively,” he said.
“For this reason, I am unable to sign this bill,” Newsom wrote.
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