Proposition 37: Authorizes $25 billion in bonds to offer eligible home-buyers fixed-rate mortgages for up to 17% of purchase price of a newly constructed home priced below about $1.5 million.
According to CalMatters:
FISCAL IMPACT: No direct state or local costs.
"Yes" Vote: The state could sell up to $25 billion in revenue bonds to fund a new homebuying assistance program.
"No" Vote: The state would not be required to create a new homebuying assistance program.
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