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Just as the median price of a single home has now hit $1 million in San Diego County, California lawmakers are considering a bill that would help first-time home buyers increase their buying power.

The California Dream for All (CDA) program is the next step for lawmakers addressing the lack of affordable housing in the state.

The CDA program, proposed by State Senator President Pro Tempore Toni Atkins, creates a $1 billion fund to help loan first-time homebuyers 17% of a home’s purchase price for a down payment. If they refinance or sell their home later, the state is reimbursed for their 17%.

California’s low inventory and inflation are raising home prices in an already expensive state. Hopeful first-time home buyers like David Kao and his fiancé are experiencing this firsthand.

“Even writing a nice letter to the seller. You know, introducing ourselves, introducing our puppy, telling them we’re trying to find a yard for him to run around. And obviously, that’s not gonna have as much leverage as a cash offer,” said Kao.

Kao and his fiance both have stable jobs as pharmacists and they’re looking to upgrade from their one-bedroom apartment.

In fact, Kao said he recently made an offer over a $924,900 asking price for a home in Poway, but was outbid. He said the home went to someone that offered a 50% down payment and waived contingencies.

“It’s difficult because as much as we want t