Photo: GoodLifeConstruction / Unsplash. Illustrative stock photograph; not a property or company discussed in this article. California voters just agreed to help the middle class buy a home. The catch is that the home has to exist first. Proposition 37 passed Tuesday with about 61% of the vote, according to KQED and the Associated Press call it reported. Proposition 1, an $11.25 billion affordable housing bond, passed too, with just over 59% in early returns. Together that’s more than $36…
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California Just Approved $25 Billion for Down Payments. The Homes Don’t Exist Yet.
California voters approve Proposition 37’s new-home down payment bond authority, while loan rates, terms, implementation and eligible supply remain unresolved.
