California
Prop 37Creates Loan Program for Middle-Income Buyers of Qualified New Homes
What your vote does
A NO vote means
CalHFA could not sell these bonds. No new loan program for new-home down payments is created. CalHFA already has a few down payment help programs. 3
Both ovals are empty on purpose. The choice is yours.
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. Supporters: United Nurses Associations of California; California Conference of Carpenters; California State Treasurer Fiona Ma Opponents: None submitted
This is the exact wording from the official voter guide.
If it fails
Nothing changes if it fails
If Prop 37 fails, the new loan program is not created. The California Housing Finance Agency (CalHFA) keeps its current down payment assistance programs, and current construction defect law stays. 3
Why it’s on the ballot now
Most home buyers pay some of the price up front, typically 3 percent to 20 percent. This is called a down payment. 3
The California Housing Finance Agency (CalHFA) runs programs to help low- and moderate-income Californians afford housing. A few offer down payment help, as loans that must be repaid. 3
Supporters say the statewide median home price is now over $930,000. They say a 20% down payment can mean saving over $186,000. 4
Supporters say California has the second-worst homeownership rate in the nation and has not built enough homes to meet demand. 4
Buyers must be California residents for one year, live in the home, earn under twice the area's median income, pay at least 3% down and be the home's first buyer. Price caps: about $1 million–$1.5 million by county, adjusted annually. 23
The money
Prop 37 lets CalHFA borrow up to $25 billion by selling revenue bonds. Buyers' loan payments would repay the bonds. The Legislative Analyst (LAO) finds no direct state or local costs. A committee supporting Prop 37 is sponsored by the California Association of Realtors. See the money chart for the latest filed totals. 36
- Amount
- Up to $25 billion in revenue bonds
- How long
- No end date; CalHFA decides when to issue the bonds
Who bears the cost
Homebuyers who take a middle-class homeownership loan
What they already pay
- Under current law, homebuyers who take out a mortgage pay it off with monthly payments that include interest. 3
If it passes
- The Legislative Analyst (LAO) says buyers’ monthly payments on the new loan would be designed to repay the bonds over time and cover the program’s administrative costs. CalHFA would have to keep buyers’ interest costs as low as possible. 3
State and local governmentsNo new cost
If it passes
- The LAO says Prop 37 would not result in direct state or local costs, because payments from homebuyers repay the bond investors. The LAO says other factors, unknown at this time, could affect its scope and impact. 3
Who’s behind it
How it got on the ballot: Citizen petition
The ballot label calls it an "Initiative Statute." The legal text says: "This initiative measure is submitted to the people in accordance with the provisions of Section 8 of Article II of the California Constitution." 15
Where the support comes from
Placed by who endorsed it and who funded it, not by our opinion. How we place measures
The California Democratic Party recommends Yes on Prop 37, the Howard Jarvis Taxpayers Association recommends No, and the California Republican Party is neutral. The California Teachers Association, a labor organization, and SPUR support it, while the League of Women Voters of California and the San Francisco Green Party oppose it. The largest donors to committees supporting Prop 37 are California Association of Realtors Issues Mobilization PAC (IMPAC), Building a Better California and National Association of Realtors. No committee opposing Prop 37 has reported contributions. 91110137128146
Endorsements
| Group | YES | NO | Neutral |
|---|---|---|---|
| Progressive slate | |||
| San Francisco League of Pissed Off Voters | No position | ||
| Harvey Milk LGBTQ Democratic Club | No position | ||
| Moderate slate | |||
| GrowSF | Yes | ||
| Political parties | |||
| San Francisco Democratic Party | Yes | ||
| San Francisco Green Party | No | ||
| California Democratic Party | Yes | ||
| California Republican Party | Neutral | ||
| Labor | |||
| California Teachers Association | Yes | ||
| Other groups | |||
| SPUR | Yes | ||
| YIMBY Action | Yes | ||
| San Francisco Women's Political Committee | Yes | ||
| Alice B. Toklas LGBTQ Democratic Club | Yes | ||
| Edwin M. Lee Asian Pacific Democratic Club | Yes | ||
| Howard Jarvis Taxpayers Association | No | ||
| League of Women Voters of California | No | ||
Follow the money
YESTop donors
- California Association of Realtors Issues Mobilization PAC (IMPAC)$8.3M
Who is this?
The California Association of Realtors (C.A.R.) is a group for people who work in real estate across California. 1
What they’ve said
Its 2026 president, Tamara Suminski, said the measure's new down payment loans would cost taxpayers nothing and bring “the promise of homeownership within closer reach.” Its website says to vote yes. 2
- Building a Better California$3.3M
- National Association of Realtors$2.7M
Who is this?
Trade group for people who work in real estate, such as brokers and property managers. 1
- United Brotherhood of Carpenters & Joiners of America$408.4K
Who is this?
Labor union in North America, formed in 1881. Its full name is the United Brotherhood of Carpenters and Joiners of America. 1
- North Coast States Regional Council of Carpenters Issues PAC$299.5K
Who is this?
A labor news report says the North Coast States Regional Council of Carpenters, headquartered in Oakland, has 57,500 members. Its locals include ones in Northern California, Oregon and Washington. 1
What they’ve said
The union's 2026 voter guide says Yes on Prop 37. It lists the measure under "Help Working Families Buy Homes." 2
- Western States Regional Council of Carpenters Issues Committee$245K
Who is this?
A committee of the Western States Regional Council of Carpenters. The council's website says it represents members in Southern California and nine other western states. 1
- Building a Stronger California, Sponsored by Western States Council of Carpenters$54.5K
- California Democratic Party$31.2K
Who is this?
State branch of the Democratic Party in California, based in Sacramento. 1
- United Brotherhood of Carpenters$27.2K
- California Forever (CF) Operations, Inc.$27.2K
- The top 5 donors gave 56% of this side’s money.
- 20% came from outside California.
- Independent spending (not controlled by the campaign): $1,993
Committees: Homeownership for Families, Sponsored by California Association of Realtors - Yes on 37; Yes on 37, California Homeownership
- Yes on 37, California Homeownership (FPPC 1481256) supports or opposes several measures; the Secretary of State attributes $15,257,593 of its $28,019,387 to this one. Donor amounts here are scaled by that same share (54%).
- Yes on 37, California Homeownership: added $1,475 of 24-hour late contributions dated after the Secretary of State's 2026-10-22 cutoff.
- YES side: $6,948,619 given by one committee on this side to another was counted once.
- YES side independent expenditures (Form 496) of $1,993, mostly by: Community Partners $1,040; AAPI EQUITY ALLIANCE $953. Separate from total_raised.
- No opposing committee has reported any contributions as of the refresh date.
- Committee totals are the Secretary of State's per-measure 'Total Reported Contributions' through 2026-10-22 (secretary of state page), plus later 24-hour reports from the Cal-Access bulk export built 2026-10-28. Donors, geography and independent expenditures come from the itemized Cal-Access filings. Contributions to committees that back several measures are credited pro rata to the share the Secretary of State assigns to this measure.
- Source cutoff: the Cal-Access export used was built 2026-10-27 (UTC) and the Secretary of State's per-measure totals run through 2026-10-22. as_of is the latest filing from this measure's own committees, which can be earlier.
- Money given to a committee by another committee is shown as that committee, not the money's original source (e.g. a union's issues PAC, not its members). Donor type is inferred from the name; check the filing for sponsors.
Sources: CA Secretary of State: Proposition 37 contribution totals · Cal-Access raw campaign finance data export · FPPC Top 10 Contributors, November 2026 General Election
The strongest case for and against
Each side’s best argument, written as its supporters would make it. Neither is our view.
Strongest case for
Supporters, including the California Conference of Carpenters, CalHFA board member Fiona Ma and the California State Commanders Veterans Council, say many teachers, nurses and other workers can afford a monthly mortgage but not a large down payment. They say Prop 37 offers low-interest, fixed-rate loans with no cost to taxpayers. They say buyers must meet income limits, pay at least 3% down, live in the home and repay the loan. Supporters say helping buyers purchase new homes will help speed up building and create thousands of jobs. They say the measure requires annual audits, limits lender fees and has no early-repayment penalty. 4
Strongest case against
No argument against Prop 37 was submitted. The LAO lists unknowns that could shape the program's reach: whether investors will want to buy the bonds, how the loans' cost compares with other down payment help, and whether more homes get built and bought. Builders who choose a "qualified builder option" must meet higher labor standards. In return, they get different rules on construction defect claims, which the LAO says generally aim to give builders more flexibility. 43
Sources
Every fact on this page links to one of these sources.
- Ballot label: title (table of contents) and summary (Quick Reference Guide), Proposition 37 (en edition), CA Official Voter Information Guide, Nov 3, 2026, p. 3, 7
- Proposition 37: Official Title and Summary (prepared by the Attorney General), CA Official Voter Information Guide, Nov 3, 2026, p. 1
- Proposition 37: Analysis by the Legislative Analyst, CA Official Voter Information Guide, Nov 3, 2026, p. 1-2
- Proposition 37: Arguments and rebuttals, CA Official Voter Information Guide, Nov 3, 2026, p. 3-4
- Proposition 37: Text of Proposed Law, CA Official Voter Information Guide, Nov 3, 2026, p. 1-6
- Campaign finance filings as of 2026-10-26 (compiled by this guide from CA Secretary of State: Proposition 37 contribution totals; data/money/ca-2026-11-p37.json, main@0dcbec8)
- SPUR: recommendations for the November 3, 2026 election
- San Francisco Green Party: recommendations for the November 3, 2026 election
- California Democratic Party: recommendations for the November 3, 2026 election
- California Republican Party: recommendations for the November 3, 2026 election
- Howard Jarvis Taxpayers Association: recommendations for the November 3, 2026 election
- League of Women Voters of California: recommendations for the November 3, 2026 election
- California Teachers Association: recommendations for the November 3, 2026 election
- How endorsers line up on Prop 37: this guide's coalition groupings (endorsement method 1.0, data as of 2026-10-27)