**California voters are set to decide on Proposition 37 on November 3, 2026, which would authorize the California Housing Finance Agency to issue up to $25 billion in revenue bonds for a middle-class homeownership loan program.** The measure would provide fixed-rate second mortgages covering up to 17% of the purchase price for eligible buyers of newly constructed homes priced under county limits (roughly $1–1.5 million), with borrowers required to have one year of state residency, income at or below 200% of area median, and at least 3% down payment. Bonds would be repaid through homeowner mortgage payments rather than taxes, resulting in no direct state or local fiscal costs per the Legislative Analyst’s Office. A September 2026 PPIC poll of likely voters showed 61% support, with majorities among Democrats and independents. The initiative qualified via citizen signatures and has backing from labor groups and real estate interests, with no opposing arguments filed for the voter guide. Trader consensus at 69.5% for approval aligns with polling trends and the absence of organized opposition in the final weeks before the election.