1. Challenges of Tax Payer Funded Down Payment Assistance Programs
The Dual-edged Sword
Challenges of Tax Payer Funded Down Payment Assistance Programs

2. Background California Homebuyer Downpayment Assistance Program (CHDAP)
Voter approved legislation (2000)
Over $371 million in original allocation
CalHFA has been the administrator of the program
CHDAP could be used with or without a CalHFA first mortgage
Loan amount could not exceed 3% of sales price or appraised value

3. New Name – New program guidelines
In 2015 – all of the original bond allocations had been committed
Over $150 million in recycled funds available from repayment of the Down Payment Assistance loans
October 2015 introduced MyHome Assistance Program
Loan amounts increased up to 5% of the sales price or appraised value
Multiple historical voter approved funding sources used for creation
CHDAP discontinued at the same time
Can only be combined with a CalHFA first mortgage

4. Today and the future Effective July 1, 2016 – Legislation approved
All recycled funds from any CHDAP and various other taxpayer approved programs can be used for home purchase assistance
Agency decides best use for funds
MyHome loan amount reduced to 3% of the sales price or appraised value