Proposition 1: Authorizes Bonds For Housing Affordability Programs. Legislative Statute.
Proposition 1: Authorizes Bonds For Housing Affordability Programs. Legislative Statute.
California would borrow up to $11.25 billion for affordable housing programs, including affordable apartments, veteran home loans, supportive housing, preservation, and down-payment assistance.
A Yes vote
A No vote
Proposal impacts
Impact on Affordable housing renters
Affordable housing renters could rent apartments supported by funding projected to cover up to 40,000 units.
Affordable housing renters currently seek apartments through existing state housing programs at today's funding levels.
Impact on First-time homebuyers
First-time homebuyers could get down-payment assistance through newly funded state housing programs.
First-time homebuyers currently seek down-payment assistance at today's state program funding level.
Impact on Homebuying veterans
Homebuying veterans could get home loans through funding projected to assist about 2,100 veterans with homeownership.
Homebuying veterans currently apply for state home loans with funding at today's level.
Impact on Farmworkers seeking housing
Farmworker households could rent homes through funding projected to support 2,500 farmworker units.
Farmworker households can seek homes through existing housing programs, but earlier state housing bond funds are fully committed.
Impact on California taxpayers
State budget costs would rise by $500 million to $600 million yearly to repay the housing bond.
State budget costs include existing housing programs at current funding levels, without repayment costs for this proposed bond.
