Prop 37

Creates Loan Program for Middle-Income Buyers of Qualified New Homes

initiative statute

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.

• Official CA Voter Guide Summary ; text of proposed law

• Legislative Analyst Office Analysis

• Show Me The Money

  • support: $19,618,927 - United Nurses Associations of California; California Conference of Carpenters; California State Treasurer Fiona Ma

  • oppose: $0 -

• Ballotpedia Summary