California Voters Approve Two Housing Measures

California voters approved Proposition 37, creating a $25 billion down-payment assistance program for eligible homebuyers, while Proposition 1 won approval for $11.25 billion in affordable housing bonds, according to election reporting on Wednesday. The Associated Press projected Proposition 37 had passed with nearly 61% of early-return votes. The measure authorizes the state to borrow from private investors through revenue bonds and provide down-payment assistance to buyers earning up to twice their area’s median income. Borrowers who use the program would repay the loans; the bonds are not expected to be repaid with state taxpayer funds. The program applies to newly built homes. The California Housing Finance Agency must establish the assistance program before eligible buyers can apply, and qualifying homes must be built first. The measure is intended to help middle-income households who have difficulty purchasing homes, but the projected assistance depends on the program’s implementation and the availability of new housing. Proposition 1 authorizes the state to issue $11.25 billion in general obligation bonds for housing programs. On Wednesday morning, with 58% of votes...