2026 California Ballot: Proposition 37

Proposition 37: Authorizes $25 billion in bonds to offer eligible home-buyers fixed-rate mortgages for up to 17% of purchase price of a newly constructed home priced below about $1.5 million.

According to CalMatters:

• Buyers must be California residents, meet income limits, must occupy the home, and be able to contribute a 3% down payment.
• Homeowners would repay the loan in monthly installments to private lenders. Bonds repaid by mortgage payments, not State.
• Opposers of the proposition say the state government should not be involved in the mortgage lending market.

FISCAL IMPACT: No direct state or local costs.

"Yes" Vote:  The state could sell up to $25 billion in revenue bonds to fund a new homebuying assistance program.

"No" Vote: The state would not be required to create a new homebuying assistance program.

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