URGENT UPDATE: The California Housing Finance Agency (CalHFA) has just announced that its transformative Dream For All program will reopen applications on February 24, 2026, offering up to $150,000 in down payment assistance for first-generation homebuyers. This initiative aims to address the critical housing affordability crisis in California, opening doors for many aspiring homeowners.
Tiffany Duvernay-Smith is a powerful testament to the program’s impact. Once facing homelessness, she is now a proud homeowner, thanks to the Dream For All program. “I feel like I was the least likely person,” Duvernay-Smith shared. “But if there’s a house with your name on it, nothing can stop you.” Her story highlights the urgent need for accessible homeownership solutions in the state.
The Dream For All program is designed for first-time homebuyers who have not owned a home in the last seven years. The program will accept applications until March 16, 2026, employing a random selection process to ensure equitable access. Notably, Governor Gavin Newsom has mandated that at least 10% of the funds be allocated to applicants from Qualified Census Tracts, areas historically affected by discriminatory housing policies.
Participants can receive assistance covering up to 20% of a home’s purchase price or appraised value, with a maximum cap of $150,000. This innovative shared appreciation structure means that when a home is sold, the original loan plus a portion of the home’s appreciation is repaid, allowing CalHFA to reinvest in future homebuyers.
CalHFA anticipates making between $150 million to $200 million available in 2026, potentially aiding 1,000 to 1,500 families. With a budget allocation of $300 million for 2025–26, approximately 2,000 households could benefit from this initiative. The program is especially significant for Black Californians, who face the highest rates of homelessness and longstanding barriers to homeownership.
“Programs like Dream For All are critical because they directly address the generational inequities that have long shut our community out of the housing market,” stated Regina Brown Wilson, Executive Director of California Black Media, during a recent briefing.
Many Californians possess steady jobs and good credit but struggle to save the necessary down payment. Eric Johnson, a CalHFA information officer, emphasized, “That’s exactly what Dream For All is designed to address,” highlighting the program’s mission to help those who have been historically sidelined.
Eligibility revolves around first-generation homebuyers, defined as individuals who have not owned a home in the past seven years. Income limits vary by county, from $148,000 in rural areas to $309,000 in high-cost regions like Silicon Valley. Interested applicants must collaborate with CalHFA-approved lenders and submit standard documentation, including IDs and parental information.
“Take the first step. Despite high interest rates, it is still possible to buy your first home in California,” Johnson encourages potential buyers. With the application window opening soon, it’s crucial for interested individuals to prepare by obtaining pre-approval and gathering necessary documents now.
Duvernay-Smith’s path to homeownership was not without challenges. After initially overlooking early program notices, she applied just days before the deadline, and luck was on her side. With persistence, she and her husband became homeowners in August 2025. “There is a lot of fear, and there are a lot of doubts to overcome,” she reflects. “But just take a step. It’s possible.”
Experts like Shonta Clark, a senior loan consultant and CalHFA program educator, stress the importance of community support and awareness. “With our community, we have to get the word out so people can take advantage of this opportunity to build wealth,” she stated, emphasizing that many are unaware of the available resources.
As advocates highlight, the Dream For All program has the potential for far-reaching economic benefits. Shared appreciation loans can save participants an average of $1,200 per month on mortgage payments, creating pathways to financial stability.
Next Steps: As the application deadline approaches, interested homebuyers are urged to act quickly and prepare their documentation. The Dream For All program stands as a beacon of hope for many Californians striving for homeownership amid challenging economic conditions.
