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Prop37

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

Fact-checkedVerified · Oct 3, 2026

A yes vote 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 means

The state would not be required to create a new homebuying assistance program.

What the Legislative Analyst says

Revenue Bond to Pay for a New Down Payment Assistance Program. Proposition 37 allows CalHFA to sell up to $25 billion in revenue bonds. CalHFA would use the bond funds to create a down payment assistance program called the “middle-class homeownership loan.” Each loan would cover up to 17 percent of the home price. (Homebuyers would need to provide a down payment of at least 3 percent of the home price.) Homeowners’ monthly payments on their loan would be designed to repay the bonds over time and cover the program’s administrative costs. CalHFA also would be required to keep interest costs for homebuyers as low as possible. CalHFA would decide how much of the bonds to issue (up to $25 billion) and over what time period.

Fiscal effect

No direct state or local costs.

Campaign claims, checked

Each checked against the evidence listed with it

Supported

Official argument in favor of Proposition 37

“Taxpayer advocates and California’s Legislative Analyst agree: Proposition 37 has no cost to taxpayers.”

Seen in: Official Voter Information Guide, argument in favor of Proposition 37

Verified · Oct 3, 2026

The Analyst finds "no direct state or local costs" because payments from homebuyers would repay bond investors, and the Attorney General's summary says the bonds are repaid by homeowners' mortgage payments, "not the State". The Analyst does not use the phrase "no cost to taxpayers". The part of the sentence about taxpayer advocates was not checked.

Evidence (2)

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Supported

Official argument in favor of Proposition 37

“Homebuyers must qualify for a mortgage, meet income requirements, pay at least 3% down, occupy the home as their primary residence, make monthly payments, and fully repay their loans.”

Seen in: Official Voter Information Guide, argument in favor of Proposition 37

Verified · Oct 3, 2026

The Attorney General's summary says 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 percent down, and that bonds are repaid by homeowners' mortgage payments. The Analyst adds that the loan covers up to 17 percent of the price and that monthly payments repay the bonds. The summary does not use the words "qualify for a mortgage".

Evidence (2)

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