Proposition 37 proposes $25 billion loan program to help Californians buy homes

Proposition 37 proposes a $25 billion loan program in California to help residents afford down payments on new homes by lending up to 17% of the down payment, with buyers contributing at least 3%. The program targets residents earning less than 200% of the area median income and applies only to new homes from approved builders. It is privately funded through revenue bonds, posing no taxpayer risk. Critics argue it may increase construction costs and risk loan defaults.