Sacramento, CA – On the heels of a momentous victory, Prop 37 proponent and coalition members look to tackle California’s second-worst in the nation homeownership crisis, with historic effort to expand affordable homeownership opportunities for Californians.

“The CALIFORNIA ASSOCIATION OF REALTORS® is proud to have been a leading supporter of Proposition 37, which will bring the dream of homeownership within reach for more middle-class Californians,” said C.A.R. President Tamara Suminski. “This measure will help create more housing, provide low-cost down payment options and give teachers, nurses, firefighters and other hardworking Californians a better opportunity to own a home in the communities they serve. We look forward to working with stakeholders to bring Proposition 37 to life and deliver on its promise for California families.”

The measure, which passed with more than 60% of the vote, will give eligible middle-income Californians the opportunity to purchase a home with just 3% down rather than 20%, or $27,000 instead of $180,000, based on the state’s median home price.

Prop 37 authorizes up to $25 billion in revenue bonds, which will be repaid through borrowers’ monthly mortgage payments, not by taxpayers. As borrowers repay their loans, those funds will be used to make new loans available on an ongoing basis.

“Thanks to the leadership and support from the California Association of REALTORS®, California Conference of Carpenters, and a broad-based bipartisan coalition, we can protect the dream of homeownership for teachers, nurses, firefighters, small business owners, and working families,” Robert Hertzberg, Prop 37 Proponent and former Speaker of the Assembly and Senate Majority Leader said after the win on Tuesday.

The deployment of bond funds will create homeownership opportunities for approximately 926,000 households, with that number growing over time as loans are repaid. 

“Proposition 37’s overwhelming passage shows just how eager Californians are for common sense solutions that will bring more housing and more opportunities for homeownership to Californians,” said Danny Curtain, Director of the California Conference of Carpenters. “Housing affordability is California’s number one crisis. We’re proud to have been a part of the impressive coalition that carried this across the finish line. Now let’s get to work and build housing for all Californians.”