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California · November 3, 2026 general election · Statewide ballot measure

Proposition 37: what your vote means

Loan program for middle-income buyers of new homes. On every California ballot. Official sources checked October 21, 2026.

Proposition 37 · Initiative statute

Loan program for middle-income buyers of new homes

Official ballot title (quoted exactly)

CREATES LOAN PROGRAM FOR MIDDLE-INCOME BUYERS OF QUALIFIED NEW HOMES. INITIATIVE STATUTE.

As printed in the Official Voter Information Guide, California Secretary of State (title prepared by the Attorney General).

A YES vote means:

The state would create a homebuying assistance program funded by up to $25 billion in revenue bonds, repaid by the homeowners’ loan payments.

A NO vote means:

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

What it would change

  • What it does: eligible buyers could get a fixed-rate loan for up to 17% of the price of a newly built home priced below about $1.5 million.
  • Who is affected: California residents who meet income limits, live in the home, and pay at least 3% down.
  • Taxes and fees: none; the bonds are repaid by borrowers’ mortgage payments, not the state.
  • Fiscal impact (Legislative Analyst): no direct state or local costs.

Official arguments, summarized

Short neutral summaries of the arguments printed in the official voters’ pamphlet. The committees that wrote them are responsible for their content. Read the full text at the link below.

Argument for

Supporters say the program would make new homes more affordable for middle-class buyers using private bond investors rather than taxpayers.

Argument against

No argument against Proposition 37 was submitted for the guide.

Arguments and rebuttals, Proposition 37, Official Voter Information Guide

Who supports it and who opposes it

These lists come from official campaign filings (registered committees) and public endorsements, each linked to its source. They are not complete, and SaveYourState does not endorse anyone listed. Lists checked October 30, 2026.

Who supports it

Who opposes it

Not yet compiled

Official sources

SaveYourState is independent and nonpartisan, not a government site, and does not take positions on ballot measures. This explainer describes effects only, using the official ballot title, explanatory statement, full text, and fiscal impact statement. If anything here differs from those documents, the official documents control.