CA AB2387

Expands the California Dream for All Program to provide additional assistance specifically for first-generation homebuyers (defined as first-time buyers whose parents have never owned a principal residence)

Provides forgivable deferred loan grants to first-generation homebuyers earning up to 80% of area median income, and shared-appreciation loans for those earning above 80%

Prioritizes assistance for first-generation buyers purchasing homes built with state-funded infill and starter home production programs, with expedited approval for homes in moderate-density areas

Creates the Credit-Enhancement and Guarantee Fund to assist first-generation homebuyers with federal individual taxpayer identification numbers or thin credit files, aligned with Fannie Mae and Freddie Mac pilot programs

Requires existing ADU working group to explore using program funds as down payment assistance for small-plex (2-4 unit) or accessory dwelling unit ready properties