According to a recent report released by Apartment List, saving up to buy a home in Los Angeles or San Francisco is increasingly challenging. First-time homebuyers, if they continue to save at the same pace, will have to wait 20 years to buy a home in Los Angeles and nearly 28 years in San Francisco. So, is the goal of homeownership in California a pipe dream? The California Association of Realtors is aiming to ensure that it's not. In August 2015, CAR formed an Affordable Workforce Housing Task Force to provide California residents with the appropriate tools to find and finance affordable housing. The task force also examined the state's current policies to make changes that could positively impact the housing market. Pat "Ziggy" Zicarelli / Facebook On April 29, the Board of Directors of CAR voted to support a $1.3 billion proposal by California Assembly members to provide more affordable housing programs. "With a historically low homeownership rate of 54 perce...
- CAR Board of Directors voted in favor of a $1.3 billion proposal by California Assembly members to provide homeowner assistance.
- $500 million is proposed to fund rental housing for lower income working families making 60 percent or less of the area median income.
- $400 million is going toward down payment assistance and homeownership assistance for California residents making 120 percent of the area median income.