Carpenters Pres. Doug McCarron, CA Realtors Pres. Tamara Suminski, Treasurer Fiona Ma, Controller Malia Cohen, and Fmr. Mayor Darrell Steinberg Named Honorary Co-Chairs
SACRAMENTO – The campaign to build new housing and make home loans affordable for middle-class Californians today announced that the Middle-Class Homeownership Act has officially qualified for the state’s November ballot. The campaign also named five honorary co-chairs, including: California State Controller Malia M. Cohen, California State Treasurer Fiona Ma, United Brotherhood of Carpenters and Joiners of America General President Doug McCarron, former Senate President pro Tempore and Mayor of Sacramento Darrell Steinberg, and CALIFORNIA ASSOCIATION OF REALTORS® President Tamara Suminski.
“Voters now have the chance to unleash a wave of new home construction across our state and make the dream of homeownership a reality for more middle-class Californians,” said the measure’s chief proponent, former California Assembly Speaker and Senate Majority Leader Bob Hertzberg. “I’m grateful for our honorary co-chairs, who represent our measure’s deep and diverse support. Together, they’ll help us win in November.”
“Our state and our economy are stronger when we have more middle-class homeowners,” said California State Controller Malia M. Cohen. “Best of all, this measure won’t cost taxpayers a dime.”
“We need big, innovative solutions to make housing more affordable for more people,” said California State Treasurer Fiona Ma, CPA. “This measure will help do that by generating more capital for housing and assisting the middle class without adding to the state’s general fund obligations.”
“I grew up in a California where working families could afford to buy a home. It’s time to build our way out of this homeless and housing affordability crisis,” said United Brotherhood of Carpenters and Joiners of America General President Doug McCarron. “Affordable homes for working families builds their future and builds California’s future – let’s get to work.”
“I’ve seen a lot of good ideas passed through the Legislature and City Hall to tackle our affordability crisis, but the Middle-Class Homeownership Act is the most comprehensive approach I’ve seen to actually get more housing built for the middle class,” said former Senate President pro Tempore and Mayor of Sacramento Darrell Steinberg. “That’s why this measure has my full backing.”
“Every day, we hear from middle-class Californians who simply want a fair shot at homeownership for themselves and their families – but affordability continues to stand in the way,” said CALIFORNIA ASSOCIATION OF REALTORS® President Tamara Suminski. “By providing down payment assistance loans – at no cost to taxpayers – this measure tackles one of the biggest barriers and brings the dream of homeownership closer to reality.”
This measure unlocks homeownership for more middle-class families by making it possible to buy a new home with just 3% down, while spurring a wave of new home construction across the state – all at no cost to taxpayers. Specifically, it:
- Authorizes $25 billion in revenue bonds to provide low-interest, downpayment-assistance loans to eligible middle-class Californians.
- Protects taxpayers by requiring bonds to be repaid by investors and home loan borrowers.
- Helps address California’s housing affordability crisis by incentivizing new single-family home construction and increasing the supply of brand new homes.
- Helps drive construction of roughly 190,000 new homes, generating significant economic benefits throughout the state.
To qualify for these home loans, homebuyers must be California residents, meet minimum income requirements, pay at least 3% down, make monthly payments, and occupy the home as their residence. Consumer protections include fixed low-interest rates on home loans, with strict limits on bank fees and no penalty for early payoff of home loans.
This measure has broad, bipartisan support across California, including from the United Brotherhood of Carpenters and Joiners of America and CALIFORNIA ASSOCIATION OF REALTORS®. Additional endorsements will be announced in the weeks ahead.
Last month, more than 900,000 signatures were submitted to qualify this measure for the ballot. The measure’s title and summary are available here.