First Time Homeownership Bill Passes Senate Housing Committee

For Immediate Release: April 18, 2023

Contact: Lerna Shirinian, (818) 409-0400

First Time Homeownership Bill Passes Senate Housing Committee

Sacramento, California – Today, Senate Bill 834, authored by Senator Anthony J. Portantino (D – Burbank), passed the Senate Housing Committee. SB 834 creates a robust financing program to make homeownership more attainable for low and middle-income families.

“Younger Californians, especially those burdened with student loans, have been priced out of the housing market,” stated Senator Portantino. “Low to middle income renters are not able to afford conventional down payments, which has exacerbated our housing crisis. SB 834 assists prospective homeowners with down payment assistance and helps them achieve the dream of homeownership.”

One in five California households spend half or more of their income on housing. The median cost of a home is now in excess of $750,000 – more than two times the national average – and California ranks 49th in the nation for homeownership with a rate of 54 percent. The average California home now costs more than seven times the median income for 25-to 34-year-olds, compared to a cost of only three times the median income for this demographic in 1970

Senate Bill 834 would enact the California Family Home Construction and Homeownership Bond Act of 2023. The bill allows the California Housing Finance Agency to award loans to eligible applicants to use as a down payment or to pay closing costs on the purchase of a new home.

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