Statewide ballot measure · Tuesday, November 3, 2026

Proposition 37: Creates Loan Program for Middle-Income Buyers of Qualified New Homes. Initiative Statute.

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.

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What a vote means

A yes vote: A YES vote on this measure 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: A NO vote on this measure means: The state would not be required to create a new homebuying assistance program.

Sources

Measure summary

Official Voter Information Guide, Proposition 37 (California Secretary of State, Public record)

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