In California, a new bill introduced by Democrat assemblymember Joaquin Arambula aims to provide interest-free home mortgage loans to illegal aliens.
If passed, Assembly Bill 1840 would allow illegal aliens to access a program offering a loan equivalent to 20% of the property’s purchase price, with no monthly payments or interest.
The loan is repaid when the borrower refinances or sells the property, along with an additional 20% increase in the property’s value.
“It’s that ambiguity for undocumented individuals, even though they’ve qualified under existing criteria, such as having a qualified mortgage,” California Democrat Joaquin Arambula said in an interview. “Underscores the pressing need for us to introduce legislation.”
The Los Angeles Times reported:
Assemblymember Joaquin Arambula (D-Fresno) introduced Assembly Bill 1840 last month to expand the eligibility requirement for a state loan program to clarify that loans for first-time buyers are available to undocumented immigrants.
The California Dream for All Shared Appreciation Loans program that launched last March by the California Housing Finance Agency offered qualified first-time home buyers with a loan worth up to 20% of the purchase price of a house or condominium.
The loans don’t accrue interest or require monthly payments. Instead, when the mortgage is refinanced or the house is sold again, the borrower pays back the original amount of the loan plus 20% of the increase in the home’s value.
The original program was established in an effort to help low- and middle-income individuals buy a home, but the program doesn’t address eligibility based on immigration status, Arambula said.
On January 1, 2024, California made history by becoming the first state to provide ‘free’ healthcare benefits to undocumented immigrants.
ICYMI: Trump Appears To Be On Path For Biggest GOP Win In Decades
