Sacramento, CA – The California Federation of Labor Unions AFL-CIO (CA Labor Fed) has endorsed Proposition 37. They are the latest group to join the broad, diverse, and bipartisan coalition of Californians, including the California Democratic Party, the United Brotherhood of Carpenters and Joiners of America and California Association of Realtors, among others. 

“Prop 37 unlocks homeownership for more middle-class families by making it possible to buy a new home with just 3% down, while spurring a wave of new home construction across the state – all at no cost to taxpayers,” said Prop 37 proponent Robert Hertzberg, former Speaker of the California State Assembly and former Majority Leader of the California State Senate. “We’re pleased to see the CA Labor Fed join our growing list of supporters as we work to create a pathway for middle-class Californian families.” 

Prop 37 authorizes $25 billion in revenue bonds to provide low-interest, down payment-assistance loans to eligible middle-class Californians. This creates an opportunity for Californians who can afford the monthly payments on an $800,000 home but don’t have the full $160,000 (20%) down payment. Instead, it allows them to purchase a home with a more attainable $24,000 (3%) down payment.

“This initiative ensures that every dollar invested creates a home that didn’t exist before. It increases the total supply of housing, which is the only sustainable way to bring costs down across the market,” added Hertzberg. “Prop 37 is expected to spur construction of more than 190,000 new homes, generating significant economic benefits throughout the state.” 

For more information, voteyeson37.com