Prop 37 – Second Mortgage Homebuyer Program and Revenue Bond Initiative (SUPPORT)
Background
- Prop 37 would authorize the California Housing Finance Agency (CalHFA) to borrow up to $25 billion to help potential homebuyers buy newly constructed homes.
- The money would be used to offer fixed-rate mortgages for up to 17% of the purchase price of a new home costing less than $1.5 million. State residents earning up to twice their area’s median income are eligible.
- There would be no direct state or local costs, no costs to taxpayers, and every loan would be repaid completely.
Why SBC is Supporting Prop 37
- California continues to face a housing crisis: only 22% of California households can afford a median-priced home, over 50% of renters spend over 30% of their income on rent, and the state still has a shortage of millions of homes. Many state housing programs focus on housing for low-income Californians, but middle-class families are also feeling the burden of the crisis. A typical down payment in California is $160,000, which is too much for most families to save. Prop 37 would help close this gap and help open the door to homeownership for more Californians.
Implications for the Sierra
- See Prop 1
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