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Measure AB 57
Authors McKinnor  
Coauthors: Bonta   Bryan   Elhawary   Gipson   Jackson   Kalra   Ortega   Ransom   Sharp-Collins   Wilson   Richardson   Smallwood-Cuevas   Weber Pierson  
Subject California Dream for All Program: descendants of formerly enslaved people.
Relating To relating to housing.
Title An act to amend Section 51523 of the Health and Safety Code, relating to housing.
Last Action Dt 2025-09-11
State Enrolled
Status Vetoed
Active? Y
Vote Required Majority
Appropriation No
Fiscal Committee Yes
Local Program No
Substantive Changes None
Urgency No
Tax Levy No
Leginfo Link Bill
Actions
2025-10-13     Vetoed by Governor.
2025-10-13     Consideration of Governor's veto pending.
2025-09-16     Enrolled and presented to the Governor at 2 p.m.
2025-09-09     Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 60. Noes 10. Page 3100.).
2025-09-08     Read third time. Passed. Ordered to the Assembly. (Ayes 28. Noes 9. Page 2615.).
2025-09-08     In Assembly. Concurrence in Senate amendments pending.
2025-09-02     Read second time. Ordered to third reading.
2025-08-29     Read second time and amended. Ordered returned to second reading.
2025-08-29     From committee: Amend, and do pass as amended. (Ayes 5. Noes 2.) (August 29).
2025-08-18     In committee: Referred to suspense file.
2025-07-09     From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 1.) (July 8). Re-referred to Com. on APPR.
2025-06-24     From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on JUD.
2025-06-18     From committee: Do pass and re-refer to Com. on JUD. (Ayes 7. Noes 2.) (June 17). Re-referred to Com. on JUD.
2025-06-11     Referred to Coms. on HOUSING and JUD.
2025-05-29     Read third time. Passed. Ordered to the Senate. (Ayes 52. Noes 10. Page 1777.)
2025-05-29     In Senate. Read first time. To Com. on RLS. for assignment.
2025-05-27     Read second time. Ordered to third reading.
2025-05-23     From committee: Do pass. (Ayes 11. Noes 1.) (May 23).
2025-05-07     In committee: Set, first hearing. Referred to APPR. suspense file.
2025-05-07     Coauthors revised.
2025-04-24     Re-referred to Com. on APPR.
2025-04-23     Read second time and amended.
2025-04-22     From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 2.) (April 22).
2025-03-28     Re-referred to Com. on JUD.
2025-03-27     Read second time and amended.
2025-03-26     From committee: Amend, and do pass as amended and re-refer to Com. on JUD. (Ayes 8. Noes 0.) (March 26).
2025-03-04     Re-referred to Com. on H. & C.D.
2025-03-03     From committee chair, with author's amendments: Amend, and re-refer to Com. on H. & C.D. Read second time and amended.
2025-02-25     Re-referred to Com. on H. & C.D.
2025-02-24     Referred to Coms. on H. & C.D. and JUD.
2025-02-24     From committee chair, with author's amendments: Amend, and re-refer to Com. on H. & C.D. Read second time and amended.
2024-12-03     From printer. May be heard in committee January 2.
2024-12-02     Read first time. To print.
Keywords
Tags
Versions
Enrolled     2025-09-11
Amended Senate     2025-08-29
Amended Senate     2025-06-24
Amended Assembly     2025-04-23
Amended Assembly     2025-03-27
Amended Assembly     2025-03-03
Amended Assembly     2025-02-24
Introduced     2024-12-02
Last Version Text 
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		<ns0:AuthorText authorType="LEAD_AUTHOR">Introduced by Assembly Member McKinnor</ns0:AuthorText>
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		<ns0:Title>An act to amend Section 51523 of the Health and Safety Code, relating to housing. </ns0:Title>
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			<ns0:Subject>California Dream for All Program: descendants of formerly enslaved people.</ns0:Subject>
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			<html:p>Existing law establishes the California Housing Finance Agency in the Department of Housing and Community Development, and authorizes the agency to, among other things, make loans to finance affordable housing, including residential structures, housing developments, multifamily rental housing, special needs housing, and other forms of housing, as specified. Existing law establishes the California Dream for All Program to provide shared appreciation loans to qualified first-time homebuyers, as specified. Existing law establishes in the State Treasury the California Dream for All Fund, which is continuously appropriated for expenditure pursuant to the program, as specified.</html:p>
			<html:p>This bill would require, upon establishment of the certification process for the descendants of American slavery established by the Bureau for Descendants of American
			 Slavery, at least 10% of the moneys in the fund to be reserved for applicants who meet the requirements for a loan under the program and have been certified as descendants of formerly enslaved people, as specified.</html:p>
			<html:p>This bill would become operative only if SB 518 of the 2025–26 Regular Session is enacted and takes effect on or before January 1, 2027, and establishes the Bureau for Descendants for American Slavery.</html:p>
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		<ns0:Preamble>The people of the State of California do enact as follows:</ns0:Preamble>
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				Section 51523 of the 
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				 is amended to read:
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								(a)
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								The California Dream for All Program is hereby established to provide shared appreciation loans to qualified first-time homebuyers. The program shall be limited to providing assistance to low- and moderate-income homebuyers in the purchase of owner-occupied homes. The agency, subject to the availability of funds for the purposes of this chapter, shall implement and administer the California Dream for All Program in accordance with this chapter.
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								(b)
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								(1)
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								In implementing this part, the agency shall adopt policies, rules, and regulations by resolution of the board of directors of the agency and consistent with this part to achieve all of the following:
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								(A)
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								Provide assistance to meaningfully expand access to home ownership.
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								(B)
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								Expand opportunities for California households to accumulate wealth for themselves and their families. The agency shall make any necessary program adjustments consistent with the requirements of this chapter, which may include limiting the percentage of appreciation payable under the program, to ensure that design of the loan product is not an unreasonable impediment to homeowner wealth creation.
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								(C)
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								Maximize the number of households assisted over time by exploring and implementing methods for selling subordinate second mortgages originated pursuant to this chapter to investors in order to generate additional funding for the program.
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								(D)
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								Establish a revolving, shared appreciation first-time homebuyer program with the goal of eventually providing up to one billion dollars ($1,000,000,000) per year for first-time homebuyers.
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								(E)
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								The amount of assistance shall only be made available in conjunction with first mortgage loan financing provided by the agency, and funds available pursuant to this chapter shall also be available for interest rate buydowns and closing cost assistance for that first mortgage loan financing. Any funds made available for interest rate buydowns shall be made in conjunction with a shared appreciation loan.
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								(F)
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								All repayments shall be deposited into the fund for ongoing use in the program.
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								(G)
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								Sustainability for the agency without significantly adversely affecting its borrowing capacity or ability to meet other affordable housing or agency needs.
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								(H)
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								Adequate consumer protection and consumer disclosure protections.
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								(2)
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								Policies, rules, and regulations adopted pursuant to this part shall not be subject to Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code.
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								(c)
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								Upon establishment of
						the certification process for the descendants of American slavery established by the Bureau for Descendants of American Slavery, at least 10 percent of the moneys in the fund shall be
						reserved for applicants who meet the requirements for a loan under the program and have been certified as descendants of formerly enslaved people by the Bureau for Descendants of American Slavery.
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				<html:p>This act shall become operative only if Senate Bill 518 of the 2025–26 Regular Session is enacted and takes effect on or before January 1, 2027, and establishes the Bureau for Descendants of American Slavery.</html:p>
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Last Version Text Digest Existing law establishes the California Housing Finance Agency in the Department of Housing and Community Development, and authorizes the agency to, among other things, make loans to finance affordable housing, including residential structures, housing developments, multifamily rental housing, special needs housing, and other forms of housing, as specified. Existing law establishes the California Dream for All Program to provide shared appreciation loans to qualified first-time homebuyers, as specified. Existing law establishes in the State Treasury the California Dream for All Fund, which is continuously appropriated for expenditure pursuant to the program, as specified. This bill would require, upon establishment of the certification process for the descendants of American slavery established by the Bureau for Descendants of American Slavery, at least 10% of the moneys in the fund to be reserved for applicants who meet the requirements for a loan under the program and have been certified as descendants of formerly enslaved people, as specified. This bill would become operative only if SB 518 of the 2025–26 Regular Session is enacted and takes effect on or before January 1, 2027, and establishes the Bureau for Descendants for American Slavery.