California · Ballot measure · November 3, 2026
Proposition 37
Independent information project. Not an official government website.
Creates Loan Program for Middle-Income Buyers of Qualified New Homes.
Official ballot information
- Official summary
- 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. Fiscal Impact: No direct state or local costs.
- A YES vote means
- 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.
- A NO vote means
- The state would not be required to create a new homebuying assistance program.
- Fiscal impact
- Not listed in the source reviewed.
- Official links
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Official voter guide page (external site, opens in new tab)
Full text of proposed law (PDF) (external site, opens in new tab)
Legislative analyst's analysis (external site, opens in new tab)
Ballot arguments
In favor
Zero Taxpayer Cost—No Taxpayer Risk. Prop. 37 makes buying a home more affordable, keeping homeownership attainable for hardworking and middle-class Californians, with low-interest mortgages funded by private bond investors, NOT TAXPAYERS. Must be CA resident to qualify, meet income requirements, occupy home, make monthly payments, repay loan. Strict accountability/audits.
Against
No argument against was found in the source reviewed.Official party recommendations
Democratic Party
Support
Republican Party
Neutral