AB 2140: Building Homeownership for All Act 

UPDATES:

[Committee Hearing] AB 2140 pass unanimously through the Assembly Housing Committee on March 20th.

Author: Assemblymember Juan Carrillo

Co-Authors: Assemblymember David Alvarez, Assemblymember Eduardo Garcia, Assemblymember Mike Gipson, Assemblymember Eloise Reyes, Assemblymember Carlos Villapudua, Assemblymember Lori Wilson

Sponsors: UnidosUS, California Community Builders

Contact: Adam Briones (abriones@ccbuilders.org) 

Bill text: Here

Background materials: Author’s fact sheet

Summary: AB 2140 would direct the State Treasurer to study the creation of a large-scale homeownership financing program designed to ease California’s worsening homeownership gap. AB 2140 directs the state to come up with a plan to support affordable homeownership in a way that is specifically tailored to low- and moderate-income Californians. We urgently need this because:

  • California working families can no longer afford to own their own home because prices are out of reach. We have the lowest homeownership rate in the country. This affects every group in our state, and is especially hard on Black and Latino families.

  • We have a successful tool to finance affordable rental housing, the Low-Income Housing Tax Credit (LIHTC), which has helped build over 3 million affordable rental units nationwide. We could use this as a model to help California build affordable homes that families can buy.

  • What financing programs that do exist to support homeownership are primarily available in the form of down payment assistance programs, which are essential but do not create new affordable homes for sale.

How to support AB 2140

  • OPTION 1: Sign on to a group support letter. Click here to sign on to a group letter that will be submitted for you. The Google form will require the following files be uploaded: 1.) Logo and 2.) digital signature (will be deleted as soon as the letter is finalized).

  • OPTION 2: Send in an individual support letter. Click here to download the template support letter and submit it to the legislative portal (instructions are in the letter).

  • OPTION 3: Let us do it for you. Click here to let us know that you want to support the bill — our team will help you every step of the way to get a support letter submitted.