Authorizes Bonds for Housing Affordability Programs
Authorizes $11.25 billion in state bonds for affordable housing programs and veterans’ home loans.
The measure would fund rental housing, homeownership assistance, housing-related infrastructure, and housing for specified groups. The Legislative Analyst estimates repaying the $10 billion housing-program bond would cost the state General Fund $500 million to $600 million annually for about 25 years.
What it does
- Authorizes $10 billion in general obligation bonds for affordable rental housing, homeownership, infrastructure, farmworker, tribal, student, and local housing programs.
- Authorizes $1.25 billion in general obligation bonds for veterans’ farm and home purchase loans.
- Allocates $5.1 billion for multifamily rental housing and $1.15 billion for supportive housing, including $150 million for youth housing.
- Provides $1.1 billion for homeownership programs, $500 million for housing infrastructure, $450 million for farmworker housing, $200 million for tribal housing, $350 million for University of California and California State University student housing, and $200 million for local housing trust fund and pilot programs.
- Requires annual public reporting on investments funded by the affordable-housing bonds.
Who it affects
- Low-income households seeking rental housing or homeownership assistance.
- People experiencing homelessness or at risk of homelessness, including current or former foster youth.
- Veterans seeking state farm and home purchase loans.
- Farmworkers and their families, tribes, and University of California and California State University students.
- Local governments, housing trust funds, nonprofit organizations, and housing developers that receive program funding.
Context
California currently uses grants and low-cost loans to help local governments, nonprofits, and private developers build housing that is generally reserved for low-income Californians. The state also operates a veterans home loan program, and statewide general obligation bonds have previously funded housing and veterans home loans.
A yes vote means
A yes vote would authorize $11.25 billion in state general obligation bonds for specified affordable housing programs and veterans’ home loans.
A no vote means
A no vote would leave the state without this $11.25 billion bond authorization for the specified housing programs and veterans’ home loans.
Fiscal effect
The Legislative Analyst's Office estimates:
- Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond.