Xavier Becerra, Matt Mahan, Katie Porter, Tony Thurmond, and Antonio Villaraigosa Endorse Middle-Class Homeownership Act

SACRAMENTO – As the Governor’s race heats up and candidates prepare for Friday’s California Gubernatorial Candidates Housing Forum, the campaign to build new housing and make home loans affordable for middle-class Californians today announced that Xavier Becerra, Matt Mahan, Katie Porter, Tony Thurmond, and Antonio Villaraigosa have endorsed the Middle-Class Homeownership Act. Today’s announcement comes after the measure officially qualified for the state’s November ballot last month.

“California’s next governor needs every available tool to fix our housing crisis, and we’re grateful to have such broad, enthusiastic support for our measure,” said the measure’s chief proponent, former California Assembly Speaker and Senate Majority Leader Bob Hertzberg, who will attend Friday’s Forum. “We all want to live in a state where the middle class thrives and passage of this measure in November means our next governor can hit the ground running.”

“My first job was in construction and my dad was a union construction worker, so I know the value of building,” said Xavier Becerra. “When we build more housing, we also help Californians build more wealth and build a better life. That’s what this measure is all about.” 

“I’m fighting to make California an affordable place to live, work, and raise a family, and that starts with housing. As Mayor of San Jose, I’ve worked day-in and day-out to get more housing built quickly and affordably, and we need the same push at the state level,” said Matt Mahan. “The first rung on the housing ladder is often the most difficult to climb, and this measure gives middle-class families a real boost.” 

“One of the biggest worries I hear from people across California, including my own kids, is that they’ll never be able to afford to buy their own home. The Middle Class Homeownership Act will put homeownership within reach for many more Californians by reducing one of the biggest barriers required to buy a home — the downpayment,” said Katie Porter. “Helping working families build generational wealth, driving down housing costs, and growing our economy is at the heart of why I’m running for Governor. I urge Californians to join me in voting YES on this ballot measure.”

“As Governor, one of my top priorities is to build more housing, and that’s exactly what this measure does,” said Tony Thurmond. “It’s time we start opening doors for the people who don’t come from money, power, and influence.”

“The Middle-Class Homeownership Act is a key part of my plan for an affordable California and I’m proud to support this measure,” said Antonio Villaraigosa. “Together, we can restore the path to the middle class for a generation of California families and build nearly 200,000 new homes without any cost to taxpayers. Vote yes in November.”

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, and the campaign’s honorary co-chairs, include: 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. Additional endorsements will be announced in the weeks ahead.

For more information, visit: www.cahomescoalition.com. The measure’s title and summary are available here.