Quick Guide to Propositions
Creates Loan Program for Middle-Income Buyers of Qualified New Homes. Initiative Statute.
Creates Loan Program for Middle-Income Buyers of Qualified New Homes. Initiative Statute.
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. Supporters: United Nurses Associations of California; California Conference of Carpenters; California State Treasurer Fiona Ma Opponents: None submitted
Money Raised
Chart depicts total fundraising by all committees primarily formed for and against Prop 37.Totals are updated daily with contributions from Power Search 
and adjustments from the most recent Political Reform Division analysis.
Largest Contributions
Showing the 10 largest contributions to committees formed primarily for and against Prop 37 in the election cycle when it appeared on the ballot. Contributions in earlier election cycles and contributions between allied committees are excluded. For more information on funding for ballot measure campaigns, visit the Power Search campaign finance search engine.
Yes on Prop 37
01/13/2026
08/26/2026
09/10/2026
03/13/2026
10/17/2025
11/07/2025
01/08/2026
12/26/2025
12/01/2025
12/09/2025
No on Prop 37
What your vote means
Yes
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.
No
A NO vote on this measure means: The state would not be required to create a new homebuying assistance program.
More on Proposition 37
For background on Proposition 37, an analysis by the legislative analyst, endorsements for and against the measure, and more...
- Read the California Voter Information Guide.
Arguments
Pro
Zero Taxpayer Cost—No Taxpayer Risk. Prop. 37 makes buying a home more affordable, keeping homeownership attainable for hardworking and middle-class Californians, with low-interest mortgages funded by private bond investors, NOT TAXPAYERS. Must be CA resident to qualify, meet income requirements, occupy home, make monthly payments, repay loan. Strict accountability/audits.
Con
NO ARGUMENT AGAINST PROPOSITION 37 WAS SUBMITTED.