Politichaos

Resolving the Ruckus

Proposition 1

Copy of Copy of vote.jpg

Authorizes Bonds to Fund Specified Housing Assistance Programs

legislative statute

Official Summary

Authorizes $4 billion of state general obligation bonds to fund existing housing programs.

Includes $1.5 billion for Multifamily Housing Program for low-income residents, $1 billion for loans to help veterans purchase farms and homes, $450 million for infill and transit-oriented housing projects, $300 million for farmworker housing program, and $300 million for manufactured and mobile homes.

Provides housing assistance for buyers, infrastructure financing, and matching grants to expand affordable housing stock.

Appropriates General Fund revenues to pay off bonds for existing programs that have no revenues or insufficient revenues.

Fiscal Impact: Increased state costs to repay bonds averaging about $170 million annually over the next 35 years. These bond funds would be used to provide affordable housing.

Notes

This was passed by the Legislature, but bond funds need to be approved by the people.

Use of bond funds (in Millions):

  • $1,800 - Affordable multifamily housing programs

  • $ 450 - Infrastructure programs

  • $ 450 - Homeownership programs

  • $ 300 - Farmworker housing program

  • $1,000 - Veteran home loans (repaid by loan recipients, no net cost)

Cost: $170 million annually for 35 years