June is National Homeownership Month, and with a $98 billion state budget surplus, now is the time to deliver on the commitment to address the housing supply crisis
SACRAMENTO, Calif., June 1, 2022 /PRNewswire/ — With the start of National Homeownership Month today, the CALIFORNIA The ASSOCIATION OF REALTORS® (CAR), California Building Industry Association (CBIA), and Habitat for Humanity California – as part of the California Homeownership Coalition – today launched a digital advocacy campaign to reinforce the need to use a small part of the state budget $98 billion budget surplus to fully fund the CalHome program that helps build affordable housing for homeowners and existing down payment assistance programs. For years, state officials have pledged to improve homeownership; It’s time to act. June 15 is the deadline for the California State Legislature to submit its budget to the Governor. Gavin Newsom.
National Homeownership Month is a time when the nation highlights the value that owning a home brings to families, communities and neighborhoods across America.
A bipartisan coalition of state senators and assembly members is also participating in the digital campaign.
California has the lowest homeownership rate of any state in the United States, and the state’s annual median home price is expected to exceed $830,000 this year, the need for homeownership assistance has never been greater. Yet in the governor’s May budget review, as spending rose to 300 billion dollarspartly reflecting the size of the budget surplus, allocations again neglected home ownership programs.
Watch videos from leaders of the California Homeownership Coalition:
Otto CatrinaPresident of the CAR: https://vimeo.com/714635828
Michael GunningCBIA, SVP Legislative Affairs: https://vimeo.com/716044403
Debbie ArakelExecutive Director, Habitat for Humanity California: https://vimeo.com/716043624
This spring, the Homeownership Coalition joined a bipartisan group of State Assembly Members and State Senators by calling to $600 million in the state budget to support homeownership for working Californians so they can build equity, increase housing stability, and enjoy the multigenerational benefits of owning a home. This $600 million the investment would include $400 million for the existing CalHome program to build affordable housing and $200 million for existing state down payment assistance programs and would help address systemic issues inequalities in home ownership rates. Since home equity constitutes the majority of wealth of low- and middle-income families, differences in homeownership rates amplify wealth inequality. Given the state’s fiscal situation, there has never been a better time to make this investment in California coming.
The California Homeownership Coalition advocates for policies and funding to increase homeownership, as it provides economic stability for working families and strengthens communities. Of the state’s largest ethnic groups, only 46% of Latinos and 37% of black families own their homes.
About CALIFORNIA ASSOCIATION OF REAL ESTATE AGENTS®
Paving the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REAL ESTATE AGENTS® (www.car.org) is one of the largest state trading organizations United States with over 200,000 members dedicated to advancing professionalism in real estate. CAR is headquartered in Los Angeles.
About the California Building Industry Association
The California Building Industry Association is a statewide trade association based in Sacramento representing thousands of member companies, including homebuilders, trade contractors, architects, engineers, designers, suppliers and industry professionals in the residential, multi-family and mixed-use construction markets .
About Habitat for Humanity California
Habitat for Humanity California is a statewide coalition of independent Habitat affiliates serving communities across California. Habitat affiliates bring people together to build homes, communities and hope. Habitat California advocates for increasing affordable homeownership opportunities for families with limited income.
Contact: Lotus Lou
THE SOURCE CALIFORNIA ASSOCIATION OF REAL ESTATE AGENTS® (CAR)