Voters in California may soon decide on a ballot measure that seeks to help the state's middle class afford to buy a home, by establishing a $25 billion loan program that would provide down payment assistance.
Secretary of State Shirley Weber's office announced Tuesday that the measure is eligible for the Nov. 2026 general election ballot after supporters gathered more than 600,000 valid signatures, more than the 546,651 signatures needed to qualify.
Supporters said they submitted more than 900,000 signatures for the measure last month.
"Voters now have the chance to unleash a wave of new home construction across our state and make the dream of homeownership a reality for more middle-class Californians," said former state Senate Majority Leader Bob Hertzberg, the measure's chief proponent.
According to the official title and summary, the measure would authorize up to $25 billion in bonds to offer homebuyers fixed-rate mortgages for up to 17% of the purchase price of a "qualified new home." Borrowers would pay at least 3% down.
Homes must be new construction or the first sale of a converted nonresidential property and must be priced below $1 million to $1.5 million depending on the county, with the limit adjusted annually. Meanwhile, borrowers must be California residents for at least one year, plan to occupy the home and earn less than 200% of the area median income.
The measure also requires the bonds to be repaid by homeowners' mortgage payments and not the state.
"Every day, we hear from middle-class Californians who simply want a fair shot at homeownership for themselves and their families – but affordability continues to stand in the way," said Tamara Suminski, president of the California Association of Realtors. "By providing down payment assistance loans – at no cost to taxpayers – this measure tackles one of the biggest barriers and brings the dream of homeownership closer to reality."
Proponents hope to drive construction of about 190,000 new homes through the loan program.
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