Chau Bill To Provide Downpayment Assistance For Homebuyers Signed By Governor
Sacramento – Today, Governor Brown signed into law Assembly Bill (AB) 984, authored by Assemblymember Ed Chau (D-Monterey Park), which makes a number of important changes to the California Housing Finance Agency’s (CalHFA) statutes. AB 984 gives CalHFA the authority to directly fund downpayment assistance loans done in conjunction with Federal Housing Administration (FHA) first mortgages and it states that downpayment assistance loans do not need to be repaid upon the sale or refinance of the home if the home is insured by an FHA first mortgage.