California Second Mortgage Homebuyer Program and Revenue Bond Initiative

Current assessment

Prop. 37 offers second mortgages for qualifying newly constructed homes; homeowner repayments fund revenue bonds, distinguishing it from an ordinary cash subsidy.

What still needs an answer

• Check default allocation and new-construction additionality.

Source check and limits

Official summary checks $25bn, up to17%, at least3% down, and new-home eligibility. It reports no direct state/local costs; indirect risk and supply response remain uncertain.

Reference documents

• voterguide.sos.ca.gov · source 1