For a more in depth discussion of Proposition 1, and the ten other initiatives on the ballot this November, join us for the California Initiative Review Forum in the Lecture Hall at McGeorge School of Law on October 24 from 5:30 – 7:30pm. Details on the event here.
Proposition 1: Veterans and Affordable Housing Bond Act of 2018
- The Housing and Emergency Shelter Trust Fund Acts of 2002 and 2006 were passed by voters to provide a total of $4.95 billion in state bonds to fund various housing programs.
- The Veterans’ Farm and Home Purchase Act of 1974 provides veterans with the opportunity to acquire farms and homes. The program has been partly financed through state bonds.
- Proposition 1 will authorize 4 billion in bond funding for existing affordable housing programs and for the veterans home loan program.
- The cost of the affordable housing bonds to the State would be about $170 million annually for 35 years. No direct costs to the State for the veterans housing bond.
Proposition 1 Bond Fund Allocation
|Affordable Multifamily Housing
||Construct and renovate affordable housing, including rental housing for lower income households.||$1.8 billion|
||Construct housing in urbanized infill areas and near public transportation. Improve infrastructure such as parks, water, sewer, and transit in infill areas.||$450 million|
||Assist low- and moderate-income homebuyers to build or purchase homes, including mobile homes.||$450 million|
|Farmworker Housing||Construction or rehabilitation of rental or owner-occupied housing for farmworkers.||$300 million|
|Veterans Home Loan||Finance farm, home, and mobile home purchase assistance for veterans.||$1 billion|
|Yes on Proposition 1||No on Proposition 1|
Analysis of Proposition 1 provided by John Ponce and Henry Mantel.