California's Proposition 37, which would authorize the California Housing Finance Agency to issue up to $25 billion in self-repaying revenue bonds for second-mortgage down payment assistance to middle-income buyers of qualified new or converted homes, qualified for the November 2026 ballot in June after collecting nearly double the required signatures. The initiative, sponsored by former legislative leader Robert Hertzberg, targets households at or below 200% of area median income with at least 3% down payments and focuses on new construction to expand supply amid persistent high home prices. A separate legislative housing bond measure also appears on the ballot, creating some overlap in voter attention. With no organized opposition filed and emphasis on zero direct taxpayer cost, trader pricing near 56.5% for passage reflects modest support tempered by typical caution toward large revenue bond programs and the competitive dynamics of fall ballot contests.