A proposal aimed at making homeownership more affordable, and therefore attainable, for middle-income earners will appear on the November statewide ballot.
Proposition 37, the California Middle-Class Homeownership and Family Home Construction Act of 2026, is a proposed $25 billion bond measure to provide home loans to middle-income earners by offering fixed-rate mortgages up to 17% of the purchase price of a qualifying home.
A “qualified new home” is defined as new construction or the first sale of converted nonresidential property priced below about $1 million to $1.5 million, depending on the county. The cap would be adjusted annually.
To qualify for the loan, a borrower must have lived in California for at least one year, have plans to live in the home, earn less than 200% of the area median income and make at least a 3% down payment.
The bonds would be repaid by the borrowers through their mortgage payments and not by the state.
The goal of Proposition 37 is to make the purchase of single-family homes more affordable, at no cost to taxpayers, and to encourage the construction of new single-family homes.
Bob Hertzberg, California’s former Assembly speaker and state Senate majority leader, is the measure’s main proponent. The California Association of Realtors also supports the measure.
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