California had this same program last march and it was a fumble, because the money was gobbled up by friends and family of the people who wrote this program and people who had connections, and they changed how people can recieve the funding.
This program is basically for immigrants, because if you had a parent who ever owned a home in the United States of America, you are not eligible for this program:
Applications for the program are being accepted through April 29. A random lottery will decide who receives the money. Once they’re selected, applicants will have 30 days to find their home and get it under contract. Dream for All made its debut last March and was an instant hit (which is why the lottery pick method was introduced this year).
Eligible candidates must not only be a first-time homebuyer themselves, but also a first-generation homebuyer (meaning their parents do not own one in the U.S.). You have to be a California resident with a credit score of at least 680. You’ll need to make less than the income limit threshold, which varies from county to county, and plan to make the home your primary residence. In Los Angeles County, for instance, the median household income is around $83,000—and the limit is $155,000.
Dream for All offers buyers up to $150,000 in makeshift housing loans for first-generation and first-time homebuyers.
finance.yahoo.com