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Middle-Class Homeownership Act qualifies for the ballot

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Middle-Class Homeownership Act that makes home loans affordable, qualifies for the ballot

The Middle-Class Homeownership Act has officially qualified for the state’s November ballot as part of the campaign to build new housing and make home loans affordable for middle-class Californians. The campaign also named CALIFORNIA ASSOCIATION OF REALTORS® President Tamara Suminski an Honorary Co-Chair.

This measure enables middle-income Californians to purchase a new home with only 3% down, while spurring a wave of new home construction – at no cost to taxpayers. Here are some additional key aspects of the measure, if approved. It would: 

  • Authorize $25 billion in revenue bonds to provide low-interest, downpayment-assistance loans to eligible Californians.
  • Protect taxpayers by requiring bonds to be repaid by investors and home loan borrowers.
  • Help address California’s housing affordability crisis by incentivizing new single-family home construction and increasing the supply of new homes.
  • Fuel construction of approximately 190,000 new homes, generating significant economic benefits across the state.

“Every day, we hear from middle-class Californians who simply want a fair shot at homeownership for themselves and their families – but affordability continues to stand in the way,” said C.A.R. President Tamara Suminski. “By providing down payment assistance loans – at no cost to taxpayers – this measure tackles one of the biggest barriers and brings the dream of homeownership closer to reality.”

To qualify, homebuyers must be California residents, meet minimum income requirements, pay at least 3% down, make monthly payments and occupy the home as their residence. Consumer protections include fixed low-interest rates on home loans, with strict limits on bank fees and no penalty for early payoff of home loans.

This measure, introduced by former California Assembly Speaker and Senate Majority Leader Bob Herztberg, has broad, bipartisan support across California, including from C.A.R. and the United Brotherhood of Carpenters and Joiners of America.

For more information.


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