Yes on Prop 37

[Brad Forschner]

A “yes” vote supports this initiative to:

• establish a second mortgage homebuyer program for qualified homebuyers — defined as California residents of at least one year who earn at or below 200% of the area median income for a similar-sized family in the county or city where the home is located and provide a down payment of at least 3% of the purchase price — on qualifying homes administered by the California Housing Finance Agency (CalHFA), and
• authorize the CalHFA to issue up to $25 billion in bonds to fund the program.

 

Former California Senate Majority Leader and Assembly Speaker Robert Hertzberg (D), sponsor of the initiative:

“I wanted to create something that would support the building of, and therefore supply, more middle-class housing. We need to increase supply. Because these subsidy programs, most of them, just end up increasing the cost of housing. You wind up buying your grandma’s house with bad pipes and a leaky roof, and then you’re stuck with all those expenses. The subsidies raise prices, but they don’t add supply. And lately, everything has been focused on affordable rental housing. This is about ownership. Because, as I always say, home is where the wealth is.”

Tamara Suminski, president of California Association of Realtors:

“The Middle-Class Homeownership & Family Home Construction Act addresses California’s housing shortage and affordability crisis, creating pathways to homeownership for first-time home buyers and middle-class families throughout the state.”

Pete Rodriguez, second general vice president of the United Brotherhood of Carpenters:

“The home affordability crisis has put homeownership out of reach for too many working families. That’s why Union Carpenters strongly support the California Middle-Class Homeownership & Family Home Construction Act. The MCHO ballot measure makes home ownership more affordable with low-interest down payment assistance loans and encourages new home construction, creating good-paying jobs and homeownership opportunities for California’s working families.”

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