California Proposition 37 would authorize the California Housing Finance Agency to issue up to $25 billion in revenue bonds for a second-mortgage loan program offering fixed-rate financing up to 17% of the purchase price for qualified new homes. Eligible buyers must be state residents for at least one year, meet income limits at or below 200% of area median income, and provide at least 3% down payment, with all bonds repaid through homeowner mortgage payments rather than state funds. The citizen-initiated measure qualified for the November 3, 2026 ballot after gathering nearly double the required signatures. Trader consensus at 62% for passage reflects the program's emphasis on middle-class homeownership amid persistent affordability pressures, its self-funding design, and limited organized opposition, though broader ballot competition and voter caution on bond measures introduce uncertainty.