State of California
Over 2,000 lower-income Californians have achieved homeownership through a statewide shared appreciation revolving loan fund that HR&A helped design. Our analysis of housing trends across 10 regions and development of lending parameters created a sustainable down payment assistance program addressing affordability barriers.
HR&A was part of a team that designed a statewide shared appreciation revolving loan fund in California that would provide up to 17% down payment for lower income borrowers, helping make homeownership possible for borrowers who have traditionally been excluded in one of the most difficult housing markets in the country. We created a financial model of the potential program to test the impact of changes in home prices, distribution of loans across the state, and repayment rates. Then we adjusted our results based on feedback from local, regional and state-level stakeholders. This process helped us build support for the program and test local viability of the new lending product.
We supported our client, the State Treasurer’s Office, as they presented the concept across the state to advocate for initial funding for the program. Our final report laid out all the potential risks and options for various design decisions to provide a roadmap for future policy makers and program administrators. The California State Assembly provided an initial $300 million in funding to move the program forward in 2023 which resulted in 2,000 new homeowners across the state along with an additional $220 million in 2024. The program proved to be so popular that the initial funding in 2023 was exhausted within a few weeks of its public availability.
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