CALIFORNIA MIDDLE-CLASS HOMEOWNERSHIP & FAMILY HOME CONSTRUCTION ACT

  • Establishes middle-class homeownership loans to make home financing more affordable for the purchase of a newly constructed home, with no cost to taxpayers
  • Authorizes $25 billion in revenue bonds to make affordable downpayment assistance loans available to qualified Californians for purchase of eligible homes
  • Protects taxpayers by requiring bonds to be repaid entirely by home buyers
  • Addresses California’s housing affordability crisis by encouraging new single-family home construction, bridging the economic gap and removing barriers to homeownership, and creating new homeownership opportunities for middle-class families
  • Build 100,000-150,00 new homes, generating significant economic benefits throughout the state

CALIFORNIA
MIDDLE-CLASS HOMEOWNERSHIP & FAMILY HOME CONSTRUCTION ACT

  • Establishes middle-class homeownership loans to make home financing more affordable for the purchase of a newly constructed home, with no cost to taxpayers
  • Authorizes $25 billion in revenue bonds to make affordable downpayment assistance loans available to qualified Californians for purchase of eligible homes
  • Protects taxpayers by requiring bonds to be repaid entirely by home buyers
  • Addresses California’s housing affordability crisis by encouraging new single-family home construction, bridging the economic gap and removing barriers to homeownership, and creating new homeownership opportunities for middle-class families
  • Build 100,000-150,00 new homes, generating significant economic benefits throughout the state

Eligibility for homeownership loans

  • California residents only, must live in the home, and provide at least 3% cash down
  • Borrower/homeowner must make monthly payments and repay loan if home is sold or refinanced
  • Borrower may qualify for loan through cashflow analysis rather than relying exclusively on traditional credit score

Eligibility for homeownership loans

  • California residents only, must live in the home, and provide at least 3% cash down
  • Borrower/homeowner must make monthly payments and repay loan if home is sold or refinanced
  • Borrower may qualify for loan through cashflow analysis rather than relying exclusively on traditional credit score

Implementation & Oversight

  • CalHFA administers the program and sets loan terms to ensure full repayment of bond proceeds and coverage of program costs
  • CalHFA to establish consumer protection standards for loan fees and underwriting practices, and disclosure requirements;
  • Requires consumer protections, including limits on bank fees and annual independent audits of bond proceeds to ensure transparency and accountability

Implementation & Oversight

  • CalHFA administers the program and sets loan terms to ensure full repayment of bond proceeds and coverage of program costs
  • CalHFA to establish consumer protection standards for loan fees and underwriting practices, and disclosure requirements;
  • Requires consumer protections, including limits on bank fees and annual independent audits of bond proceeds to ensure transparency and accountability

See what supporters say:

“The home affordability crisis has put homeownership out of reach for too many working families. That’s why Union Carpenters strongly support the California Middle-Class Homeownership & Family Home Construction Act.  The MCHO ballot measure makes home ownership more affordable with low-interest down payment assistance loans and encourages new home construction, creating good-paying jobs and homeownership opportunities for California’s working families.”

Pete Rodriguez

Second General Vice President
UNITED BROTHERHOOD OF CARPENTERS

“The Middle-Class Homeownership & Family Home Construction Act addresses California’s housing shortage and affordability crisis, creating pathways to homeownership for first-time home buyers and middle-class families throughout the state.”

Tamara Suminski

President
CALIFORNIA ASSOCIATION OF REALTORS®

See what supporters say:

“The home affordability crisis has put homeownership out of reach for too many working families. That’s why Union Carpenters strongly support the California Middle-Class Homeownership & Family Home Construction Act.  The MCHO ballot measure makes home ownership more affordable with low-interest down payment assistance loans and encourages new home construction, creating good-paying jobs and homeownership opportunities for California’s working families.”

Pete Rodriguez

Second General Vice President
UNITED BROTHERHOOD OF CARPENTERS

“The Middle-Class Homeownership & Family Home Construction Act addresses California’s housing shortage and affordability crisis, creating pathways to homeownership for first-time home buyers and middle-class families throughout the state.”

Tamara Suminski

President
CALIFORNIA ASSOCIATION OF REALTORS®