Proposition 37
Creates Loan Program for Middle-Income Buyers of Qualified New Homes
On the ballot
California · November 2026 general election · Citizen initiative · Election day November 3, 2026
Topics: Bonds and borrowing, Housing
In plain language
Proposition 37 would authorize up to $25 billion in bonds to fund fixed-rate mortgages covering as much as 17 percent of the purchase price of a "qualified new home" — newly built housing, or the first sale of a converted nonresidential property — priced below roughly $1 million to $1.5 million depending on the county and adjusted annually. To qualify, buyers would have to have lived in California for one year, occupy the home, earn less than twice the area median income, and pay at least 3 percent down. The measure requires the bonds be repaid from homeowners' mortgage payments rather than by the state.
Fiscal impact
Legislative Analyst's Office summary of the estimate of net state and local government fiscal impact: "No direct state or local costs."
Summarized from the official fiscal analysis listed in the sources below. Figures are the state's, not this site's.
What supporters and opponents say
These are summaries of arguments made by the named organizations, drawn from the sources listed below. They are their claims, not this site's, and this site takes no position on the measure.
What supporters say
- The ballot argument signed by Danny Curtin (California Conference of Carpenters), Fiona Ma (board member, California Housing Finance Agency), and David West (California State Commanders Veterans Council) says the measure would open homeownership to teachers, nurses, veterans, and firefighters who can afford monthly payments but not a large down payment.
- Supporters state in the official argument that the statewide median home price exceeds $930,000, so a traditional 20 percent down payment can require saving more than $186,000, and that the loans would be repaid in full by buyers at no cost to taxpayers.
- The argument lists the California Conference of Carpenters, the California State Commanders Veterans Council, and the United Nurses Association of California among supporters.
What opponents say
- No argument against Proposition 37 was submitted for the Official Voter Information Guide.
Reproduced verbatim from the state's certified ballot text.
Creates Loan Program for Middle-Income Buyers of Qualified New Homes. Initiative Statute. Official title and summary prepared by the Attorney General: • 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.
Sources
Everything on this page traces to these sources. Follow them to read the original documents.
- California Secretary of State — Qualified Statewide Ballot Measures
- California Official Voter Information Guide — Proposition 37 (title, summary, Legislative Analyst's analysis, and arguments)
- California Legislative Analyst's Office — Proposition 37 (2026): Creates Loan Program for Middle-Income Buyers of Qualified New Homes
Last updated . How this page is sourced and corrected is described in the correction policy.