The Associated Press has called the result on Proposition 37, with California voters approving a measure to create a homebuying assistance program for middle-income families.
The measure authorizes the state to issue up to $25 billion in revenue bonds to help eligible Californians buy newly constructed homes. The program would offer loans covering up to 17% of a home’s purchase price, with buyers required to make at least a 3% down payment.
To qualify, buyers must meet income requirements, be California residents, and live in the home they purchase. The bonds would be repaid through homeowners’ loan payments, rather than state tax revenue.