California voters face a closely contested November 2026 ballot decision on Proposition 37, an initiated statute authorizing up to $25 billion in self-repaying revenue bonds through the California Housing Finance Agency to fund second-mortgage assistance of up to 17 percent for middle-income buyers of new or converted homes. The measure targets households earning no more than 200 percent of area median income who provide at least 3 percent down, with repayment structured to cover bond costs without direct state taxpayer backing. A separate legislative housing bond, Proposition 1, addresses veterans and lower-income programs, creating voter choice between targeted middle-class supply incentives and broader affordability efforts amid persistent high home prices. Recent qualification through nearly 900,000 signatures and ongoing campaign activity on construction incentives versus debt concerns keep the outcome balanced, with shifts likely tied to polling on housing costs, endorsements from builders or advocacy groups, and turnout among suburban and first-time buyer demographics.