The state housing finance agency can sell up to $25 billion in bonds to make second loans of up to 17% of a new home's value for down payments. Buyers pay at least 3%, meet income and price limits, have lived in California a year, and live in the home. Builders can opt into a program with higher labor standards and different construction-defect rules.
Proposition 37 · California · Nov 3, 2026
Homebuyer assistance loans
Official title: Creates Loan Program for Middle-Income Buyers of Qualified New Homes. Initiative Statute.
Creates homebuying assistance using up to $25 billion in revenue bonds repaid through borrowers’ loan payments.
At a glance
Revenue bond (borrowing)- Does it raise taxes?
- No new tax. Repaid by participating homebuyers' loan payments, not the state budget.
- Estimated cost or revenue
- Likely no direct cost to state or local governments.
- Who pays
- Participating homebuyers' loan payments.
- Where the money goes
- Down-payment loans for new homes.
- How long
- Not yet verified
From the official voter guide and the state’s fiscal analysis. Estimates are the state’s, not ours.
Your choice
Saved privately on this device.What your vote does
Current homebuying programs and construction-defect rules stay the same.
How the money works
TypeRevenue bond (borrowing)
Amount borrowed$25,000,000,000
A bond is a loan.
It’s repaid by: Participating homebuyers' loan payments.
Cost, who pays and where the money goes are in “At a glance” above.
What your guides say
No guides selected yet. Pick guides to compare.
Why they disagree
Helps renters, first-time buyers and working families afford a down payment, with builders, not taxpayers, covering costs. May encourage more new homes.
Official ballot argument for (summary)No opposing argument in our sources yet. That doesn’t mean there isn’t one.
No official argument against Prop 37 was submitted. That doesn't mean nobody opposes it.
Who’s funding it
We haven’t loaded campaign-finance filings for Proposition 37 yet. You can look them up directly:
Sources
- California Secretary of State
Proposition 37: Official Voter Information Guide · Official title, summary, vote effects and fiscal impact
Checked Oct 31, 2026 - Easy Voter Guide (League of Women Voters of California Education Fund)
Easy Voter Guide, November 3, 2026 · State propositions
Checked Nov 1, 2026