Contest 1 of 14
Proposition 1
Authorizes Bonds for Housing Affordability Programs. Legislative Statute.
Fiscal Impact
Short Term
State pays about $500–600 million a year to repay the housing bond.
Long Term
The same repayment runs for about 25 years.
Social Impact
- The $11.25 billion bond allocates $5.1 billion to build and rehabilitate multifamily rental housing and $2.1 billion to acquire, rehabilitate, or preserve affordable and supportive housing.
- The LAO estimates bond funds would subsidize up to 40,000 multifamily rental units, about 2,500 farmworker units, and about 1,200 university student beds.
- The bond provides $1.25 billion for state-funded mortgages for California veterans and $1.1 billion for homeownership and downpayment assistance.
- Supporters say the bond will fund construction of tens of thousands of affordable homes for working families, veterans, seniors, and people with disabilities.
A YES vote means:
The state borrows $11.25 billion for affordable housing and veterans' home loans; the state repays the housing part at $500 to $600 million a year for about 25 years, and veterans repay the home-loan part through their own loan payments.
A NO vote means:
The state does not borrow this money, and these housing programs do not get this funding.
No argument against this measure was submitted to the official voter guide.
Cost (Legislative Analyst): Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond.
Source: CA Secretary of State, Official Voter Information Guide