California Proposition 37: Loans for New Homes

The ballot measure proposed a California down payment loan program of up to $25B, funded by bonds and repaid through loan income, not taxes.
It said borrowers had to buy a newly built or never-sold home in California, contribute at least 3% down, and could borrow up to 17%.
The measure did not require first-time buyer status, but income could not exceed 200% of local median, with county-based caps and sales-price limits.
Support came from labor groups, a Real Estate trade group, and a state political party; opponents said the measure would subsidize costly construction.
Other terms still needed details, including the second mortgage rate; the policy center said it likely would exceed conventional 30-yr mortgage rates near 7%.