FOR IMMEDIATE RELEASE
October 22, 2025

Proposed Initiative Enters Circulation: Creates Loan Program for Middle-Income
Buyers of Qualified New Homes. Initiative Statute.

Sacramento, Calif. – Secretary of State Dr. Shirley N. Weber announced that the proponent of a new initiative was cleared to begin collecting petition signatures on October 21, 2025.

The Attorney General prepares the legal title and summary that is required to appear on initiative petitions. When the official language is complete, the Attorney General forwards it to the proponent(s) and to the Secretary of State, and the initiative may be circulated for signatures. The Secretary of State then provides a calendar of deadlines to the proponent(s) and to county elections officials. The Attorney General’s official title and summary for the measure is as follows:

CREATES LOAN PROGRAM FOR MIDDLE-INCOME BUYERS OF QUALIFIED NEW HOMES. INITIATIVE STATUTE. Authorizes up to $25 billion in bonds to offer eligible buyers fixed-rate mortgages for up to 17% of the purchase price of a “qualified new home” (new construction or first sale of converted nonresidential property, priced below about $1 million–$1.5 million, depending on county, adjusted annually). Borrowers must be California residents for one year, plan to occupy the home, earn less than 200% of area median income, and pay at least 3% down. Requires that bonds be repaid by homeowners’ mortgage payments, not State. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: No direct state or local costs. (25-0013A1) 

The Secretary of State’s tracking number for this measure is 1990 and the Attorney General's tracking number is 25-0013A1.

The proponent of the measure, Robert M. Hertzberg, must collect signatures of 546,651 registered voters (five percent of the total votes cast for governor in the November 2022 general election) in order for the measure to become eligible for the ballot. The proponent has 180 days to circulate petitions for the measure, meaning the signatures must be submitted to county elections officials no later than April 20, 2026. The address for the proponent is c/o James Harrison and Ben Gevercer, Olson Remcho, LLP, 555 Capitol Mall, Suite 400, Sacramento, CA 95814. The proponent may also be contacted at jharrison@olsonremcho.com, bgevercer@olsonremcho.com, and (916) 442-2952.

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