June is National Homeownership Month, and with a $98 billion state budget surplus, now is the time to make good 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 ASSOCIATION OF REALTORS® (C.A.R.), California Building Industry Association (CBIA) and Habitat for Humanity California — as part of California Homeownership Coalition — today launched a digital advocacy campaign to reinforce the need to use a small part of the State's $98 billion budget surplus to fully fund the CalHome program that helps build affordable owner-occupied homes and existing down payment assistance programs. For years, state officials have committed to improving homeownership; now is the time for action. June 15 is the deadline for the California State Legislature to submit their budget to Gov. 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 bi-partisan coalition of State Senators and Assemblymembers are also participating in the digital campaign.
California has the lowest homeownership rate of all states in the U.S., and with the state's annual median home price expected to surpass $830,000 this year, the need for assistance for homeownership has never been greater. Yet in the governor's May Budget Revision, while spending increased to $300 billion, in part reflecting the size of the budget surplus, allocations still neglected homeownership programs.
View videos of California Homeownership Coalition leaders:
Otto Catrina, C.A.R. President: https://vimeo.com/714635828
Michael Gunning, CBIA, SVP Legislative Affairs: https://vimeo.com/716044403
Debbie Arakel, Executive Dir., Habitat for Humanity California: https://vimeo.com/716043624
This spring, the homeownership coalition joined a bi-partisan group of State Assemblymembers and State Senators in calling for $600 million in the state budget to support homeownership for working Californians so they can build equity, increase housing stability, and gain the multi-generational benefits of owning a home. This $600 million investment would include $400 million for the existing CalHome program to build affordable ownership housing and $200 million for the state's existing down payment assistance programs and would help address systemic inequities in homeownership rates. Because home equity makes up the majority of wealth for low- and middle-income families, gaps in homeownership rates magnify wealth inequality. Given the fiscal position of the state there has never been a better time to make this investment in California's future.
The California Homeownership Coalition advocates for policies and funding to increase homeownership because it provides working families economic stability and strengthens communities. Among the state's largest ethnic groups, only 46% of Latinos and 37% of Black families own their home.
About the CALIFORNIA ASSOCIATION OF REALTORS®
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
About 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 homebuilding, multi-family and mixed-use development 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 to increase affordable homeownership opportunities for families with limited incomes.
Contact: Lotus Lou
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)