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CREATES LOAN PROGRAM FOR MIDDLE-INCOME BUYERS OF QUALIFIED NEW HOMES. INITIATIVE STATUTE. Authorizes $25 billion in bonds to offer eligible buyers fixed-rate mortgages for up to 17% of purchase price of a newly constructed home priced below about $1.5 million. Borrowers must be California residents, occupy the home, meet income limits, and pay at least 3% down. Bonds repaid by mortgage payments, not State.
Fiscal Impact: Net fiscal effect unknown. In the event of a recall, savings or costs of millions of dollars to administer the election depending on the office recalled.
Supporters: United Nurses Associations of California; California Conference of Carpenters; California State Treasurer Fiona Ma
Opponents: None submitted
CREATES LOAN PROGRAM FOR MIDDLE-INCOME BUYERS OF QUALIFIED NEW HOMES. INITIATIVE STATUTE. Authorizes $25 billion in bonds to offer eligible buyers fixed-rate mortgages for up to 17% of purchase price of a newly constructed home priced below about $1.5 million. Borrowers must be California residents, occupy the home, meet income limits, and pay at least 3% down. Bonds repaid by mortgage payments, not State.
Fiscal Impact: Net fiscal effect unknown. In the event of a recall, savings or costs of millions of dollars to administer the election depending on the office recalled.
Supporters: United Nurses Associations of California; California Conference of Carpenters; California State Treasurer Fiona Ma
Opponents: None submitted