By admin 
It’s a reality Californians know all too well: Buying a home in the state is expensive. The homeownership rate in the state is below the national average and Californians are waiting longer in life to purchase their first house than before. Proposition 37 is looking to counteract that.
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The state would create a program to assist people with down payments by selling up to $25 billion in bonds, if the initiative passes. It has no registered opposition.
What would Prop. 37 do?
The loan program would be implemented by the California Housing Finance Agency and because it relies on bonds it does not use taxpayer money. Each loan would cover up to 17% of the home price and the agency would decide how much interest to charge and other repayment terms.
The Legislative Analyst’s Office says, because homebuyers repay the bonds, there is no direct fiscal effect on state or local finances.
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Who would be eligible?
A person receiving the loan must not make more than double the median income level in the surrounding area and the financial support can only be used on newly built houses, townhomes, condominiums and other properties. Homebuyers would also need to come up with at least 3% of the purchase price.
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What supporters say
“For too many Californians, the path to homeownership is out of reach, not because they cannot afford a home, but because they cannot afford to get in the door,” says a campaign website for the initiative says. “Proposition 37 creates a better starting point.”
Supporters including The California Association of Realtors, carpenter unions and Building a Better California, a group backed by Google co-founder Sergey Brin and other wealthy donors, have spent more than $17 million in favor of the initiative.
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