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CalHFA reports early success and equity gains in Dream for All phase 2; staff to monitor closings and securitization
Summary
CalHFA staff reported Phase 2 of Dream for All has roughly $258 million available, nearly 18,000 preregistration applicants for about 2,000 vouchers, 1,700 vouchers initially awarded, and preliminary uptake showing strong BIPOC representation among voucher holders. Staff will track securitized loan data and issue additional vouchers from the wait list as funding and fallouts occur.
Ellen Martin, CalHFA’s director of homeownership programs, presented an update on Phase 2 of Dream for All on Oct. 24, describing program design changes, outreach, and early results.
Martin summarized Phase 2 design changes introduced after Phase 1 oversubscription: a preregistration portal (April 3–29) with randomized selection for program vouchers, 90-day reservation windows (with a one‑time extension), geographic set-asides to distribute funds equitably across regions, and first-generation eligibility to prioritize households without intergenerational homeownership wealth.
"The Dream for All program is a revolving shared appreciation loan program that provides loans for down payment and closing cost assistance to qualified homebuyers," Martin said, explaining that borrowers repay the original assistance plus a share of the home’s appreciation on sale or transfer.
Staff reported nearly $258,000,000 available for Phase 2 when counting allocations, fallouts from Phase 1, interest earnings and administrative costs. Outreach included roughly 66,000,000 paid media impressions, 1.5 million direct engagement actions, partnerships with more than 100 housing and community advocates, and over 30 community events. About 18,000 eligible applicants registered and staff awarded 1,700 vouchers on June 28, placing about 4,500 applicants on a wait list; to date the agency has issued just under 2,000 vouchers.
Martin reported an average reservation loan amount around $117,000 (below the $150,000 maximum used to calculate initial voucher counts) and that more than 70% of voucher holders self-identified as belonging to communities of color. About 56% of voucher recipients have used their voucher to reserve a Dream for All loan; uptake is highest in lower-cost regions such as the Capital Region while higher-cost coastal regions show lower uptake rates.
On closings and securitization, Martin said there have been "less than 5" payoffs or sales so far; those returned funds will replenish the Phase 2 pot as securitized loans are reported. Initial voucher reservations from the first tranche expire in December; borrowers who reserve have up to 180 days to close, and staff will report securitized loan data in future board meetings as volume accrues.
Board members commended the outreach and education work—particularly to communities of color and in the Central Valley—and asked for continued partnerships with community‑based organizations to serve applicants who did not receive vouchers.
