The California Homebuying Loan Program Proposition, appearing as Proposition 37 on the November 3, 2026 ballot, authorizes the California Housing Finance Agency to issue up to $25 billion in revenue bonds for second mortgages covering as much as 17% of the purchase price on qualifying new homes. Eligible buyers must meet one-year residency rules, occupy the property, provide at least 3% down, and earn no more than 200% of area median income, with homes subject to county price caps. Bonds would be repaid through borrower payments rather than state general funds, producing no direct fiscal impact on taxpayers. The measure, sponsored by former Senator Robert Hertzberg and backed by real estate and labor coalitions including the United Nurses Associations and Carpenters, faces no organized opposition. Recent voter guides released in early October and earlier polling showing majority likely-voter support have reinforced trader views that the initiative will pass.