C.A.R. is backing Proposition 37 on the November ballot to help spur new homebuilding and support more middle-income families trying to afford a home.
Prop 37 creates a new homebuyer assistance program through CalHFA, giving eligible middle-income buyers financing for up to 17% of a new home’s purchase price. That drops the out-of-pocket down payment to as little as 3%, putting homeownership back in reach for buyers who can afford a monthly payment but can’t clear the down-payment hurdle. And it’s structured to cost taxpayers nothing — the program is funded through revenue bonds that are repaid by participating homeowners’ own loan payments, not the General Fund.
Just as important for our industry: the program only applies to newly built homes or first-time-sold conversions. That means Prop 37 doesn’t just help buyers — it creates direct demand for new construction, which supports the production side of our housing shortage, not just the financing side.
This is the kind of measure expands access to ownership, doesn’t touch taxpayer dollars, and drives new supply. Talk to your clients, your local association, and your networks. This is a “yes” REALTORS® should be proud to support.
This article was written by Paul Herrera, the CDIG Government Affairs Director.