California·Election: 2026-11-03Upcoming
Not yet voted on. Outcomes will be added after the election.
Authorizes up to $25 billion in bonds to offer eligible buyers fixed-rate mortgages for up to 17% of the purchase price of a "qualified new home" (new construction or first sale of converted nonresidential property, priced below about $1 million–$1.5 million, depending on county, adjusted annually). Borrowers must be California residents for one year, occupy the home, earn less than twice the area's median income, and pay at least 3% down. Requires that bonds be repaid by homeowners' mortgage payments, not the State. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: No direct state or local costs.
Read full ballot textProposition 37 is on the November 3, 2026 statewide ballot and has not been voted on yet. No argument against it was submitted for the official voter guide, so every campaign statement below comes from the argument in favor. The neutral descriptions come from the Legislative Analyst's Office. Campaign-finance totals are pre-election figures and will change.
From the official voter guide. Signers are the people each campaign chose to sign its argument, not a list of who paid for it (see “How much money” below).
Source: California Secretary of State
Source: California Secretary of State
$22,618,051.97
$0.00
Each claim states an intended outcome of the measure. Metrics are appended over time and never replaced — every entry keeps its original date and citation.
Proposition 37 allows the California Housing Finance Agency (CalHFA) to sell up to $25 billion in revenue bonds to fund a new down payment assistance program called the "middle-class homeownership loan."
Source: Legislative Analyst's Office (LAO)Proposition 37 lets CalHFA decide how much of the bonds to issue, up to $25 billion, and over what time period.
Source: Legislative Analyst's Office (LAO)Proposition 37 loans would each cover up to 17 percent of the home price, and homebuyers would need to provide a down payment of at least 3 percent.
Source: Legislative Analyst's Office (LAO)Proposition 37 designs homeowners' monthly loan payments to repay the bonds over time and cover the program's administrative costs.
Source: Legislative Analyst's Office (LAO)Proposition 37 requires CalHFA to keep interest costs for homebuyers as low as possible.
Source: Legislative Analyst's Office (LAO)Proposition 37 requires applicants to be state residents with a household income no more than double the typical income level in their area.
Source: Legislative Analyst's Office (LAO)Proposition 37 requires that a home bought through the program be bought by its first purchaser and priced under certain limits.
Source: Legislative Analyst's Office (LAO)Proposition 37 lets all developers build homes eligible for the program, and lets developers choose a "qualified builder option" that requires higher labor standards, such as using workers with a certain type of training for certain types of housing projects.
Source: Legislative Analyst's Office (LAO)Proposition 37 subjects developers who choose the qualified builder option to different construction defect rules, which generally aim to provide more flexibility to developers.
Source: Legislative Analyst's Office (LAO)The Legislative Analyst estimated Proposition 37 would not result in direct state or local costs, because it uses payments from homebuyers to repay bond investors.
Source: Legislative Analyst's Office (LAO)The Legislative Analyst said factors unknown at this time could affect Proposition 37's scope and impact: how much investors want to buy the bonds, how the loans' cost to homebuyers compares with other down payment assistance options, and whether the program increases home construction and homebuying.
Source: Legislative Analyst's Office (LAO)"Proposition 37 creates affordable homeownership opportunities for working and middle-class Californians..."
Source: California Secretary of State"By helping qualified buyers purchase newly built homes, Prop. 37 will help accelerate construction..."
Source: California Secretary of State"...creating thousands of good-paying jobs and generating economic investment."
Source: California Secretary of State"Taxpayer advocates and California's Legislative Analyst agree: Proposition 37 has no cost to taxpayers."
Source: California Secretary of State"Consumer benefits include below-market, fixed-rate loans..."
Source: California Secretary of State"...annual audits detailing the status of loans made and the fund's financial condition."
Source: California Secretary of State"Prop. 37 is designed for renters, first-time homebuyers, and working families who earn too much to qualify for renter assistance programs, but not enough to save the massive down payment required to buy a home."
Source: California Secretary of State