The state would create a new homebuying assistance program. The state could sell up to $25 billion in revenue bonds to fund the program. Bonds would be paid back by homeowners’ payments on their home loans.
PROP37
California · November 3, 2026 · upcoming
CREATES LOAN PROGRAM FOR MIDDLE-INCOME BUYERS OF QUALIFIED NEW HOMES.
Authorizes $25 billion in bonds to offer eligible buyers fixed-rate mortgages for up to 17% of purchase price of a newly constructed home priced below about $1.5 million. Borrowers must be California residents, occupy the home, meet income limits, and pay at least 3% down. Bonds repaid by mortgage payments, not State.
What your vote means
Yes or No, in the state's words
The state would not be required to create a new homebuying assistance program.
What the state says it may cost or change
No direct state or local costs.
Read the full analysis
The Quick Reference Guide does not publish a separate current-law sentence for this proposition. Election.org does not infer one. The Legislative Analyst's analysis in the official proposition PDF explains the baseline law.
Open official analysis ↗Qualified through petition signatures
The official guide labels this measure as put on the ballot by Petition Signatures. This is a source classification, not an Election.org judgment.
Not available before Election Day
This election is upcoming. Election.org will not show a blank or zero as a result.
Attributed positions
Who the official quick guide lists
United Nurses Associations of California; California Conference of Carpenters; California State Treasurer Fiona Ma
None submitted
Arguments are the opinions of their authors and have not been checked for accuracy by an official agency.