California's Proposition 37 would authorize up to $25 billion in self-repaying revenue bonds through the California Housing Finance Agency to provide second mortgages covering up to 17 percent of the purchase price for qualified new homes. Eligible buyers must be state residents for at least one year, occupy the property as their primary residence, earn no more than 200 percent of area median income, and contribute at least 3 percent down. The measure qualified for the November 2026 ballot after collecting far more than the required signatures, amid ongoing high home prices and down-payment barriers for middle-income households. Trader sentiment remains closely balanced around 54 percent for passage because the program targets a broad income range with no direct taxpayer repayment obligation, yet faces competition from the separate Veterans and Affordable Housing Bond Act on the same ballot, general caution toward large bond authorizations, and a crowded field of 14 propositions. Recent legislative housing negotiations and statements from sponsors have kept attention on supply incentives versus voter priorities on affordability.