California Announces New Home Loan Program that Makes Home Ownership Possible and Assembly Member Santiago Responds

(Sacramento, CA) – Following California Housing Finance Agency’s announcement of the Forgivable Equity Builder Loan, Assembly Member Miguel Santiago (D-Los Angeles) released the following statement:

“This program will help so many Californians who are unable to afford buying their first home,” said Assembly Member Miguel Santiago.

“As we build back from the pandemic, we must help Californians build wealth, and that includes making it easier for Californians to afford their first home. By providing a loan that is as high as 10% of the home’s purchase price and can be forgiven in five years, we are setting Californians up for success. Let’s go!”
The Forgivable Equity Builder Loan gives eligible first-time homebuyers a loan of up to 10% of the purchase price of the home. The loan can be forgiven if the person who received the loan has their home as their primary residence for a minimum of five years. Applicants must have pay stubs, bank statements, employment history and previous tax returns when applying. For assistance applying, individuals can visit https://www.calhfa.ca.gov/homebuyer/programs/forgivable.htm  or call (877) 922-5432.

Assembly Member Miguel Santiago is the Chair of the Assembly Committee on Governmental Organization and the Assembly Select Committee on Los Angeles County Homelessness. He represents the 53rd District composed of the cities of Los Angeles, Huntington Park, and Vernon.
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