21 Hrs
Source:
Los Angeles Times
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California Prop 37 voter guide on homeownership
Proposition 37 in California proposes establishing a $25 billion loan program managed by the California Housing Finance Agency to assist middle-income families in purchasing newly constructed or never-sold homes, with financing through bonds rather than taxpayer funds. Qualified buyers would earn up to 200% of the local median income, and the program would offer fixed-rate second mortgages covering up to 17% of home prices. Supporters include industry organizations and the California Democratic Party, while opponents argue it won’t significantly reduce housing costs and favors high-priced construction.
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