California Approves $25 Billion Homebuyer Loan BondCalifornia Voters Back New Path to HomeownershipCalifornia Launches Unproven $25 Billion Mortgage-Lending Plan
California voters approved Proposition 37 on November 3, creating a private-investor-funded down-payment loan program for eligible homebuyers. Proposition 1, an $11.25 billion affordable-housing bond, remained undecided with 58% support and about 42% of ballots counted.Voters approved Proposition 37 on November 3, authorizing up to $25 billion in privately financed down-payment loans for eligible California buyers. A separate affordable-housing bond remained undecided.Voters approved Proposition 37 on November 3, giving California authority to borrow up to $25 billion from private investors for homebuyer loans. Key questions remain about how the program will operate.